Yet another case of Hollywood hopping on the China film market bandwagon. Here is the announcement Monday Beijing time: Huaxia Film Distribution Co, Relativity Media, and SkyLand (Beijing) Film-Television Culture Development Ltd jointly announced a strategic partnership. Huaxia Film’s Executive Chairman Guoqing Gu, Relativity Media’s founder and CEO Ryan Kavanaugh, SAIF Partners’ Managing Partner Andy Yan, and IDG China Media’s Founding Partner Hugo Shong attended the press conference. Three parties — Relativity, SAIF, and IDG — also announced the formation of the first China/U.S. distribution company Sky Land Entertainment. Huaxia is one of the biggest movie production and  distribution companies in China, releasing more films there than almost any other company. Sky Land has been prominent in the production, financing and distribution of Chinese content films in the past few years.

Said Kavanaugh: “We’re excited to be entering into this ground breaking partnership. With 6 new screens added daily in China and a business which has been tripling in revenue every 3 years, it is unquestionable that China and the United States must work closely together to build an entertainment business for the future, which strives to make and release global product appealing to worldwide audiences. This is a critical first step in achieving just that.”

According to the announcement, “several cross-border hits will be co-produced. The three parties are said to be working on some high-budgeted China-themed movies, which are based on famed modern historical events. The purpose is to create movies which will be appealing to both Chinese and western audiences alike, attracting strong national and international box office success.”

SUNDAY 3:25 AM: By the fussy way Ryan Kavanaugh’s company is acting, you’d think it was The Second Coming. Wake me when the announcement is over, please. Besides, these new business ventures are a dime a dozen these days.