Maoyan Entertainment, China's leading entertainment service provider, announced on Wednesday that private investment firm FountainVest Partners has acquired a significant minority stake in the company.

The latest announcement of Maoyan showed that a representative of FountainVest was appointed by the board as a nonexecutive director. Maoyan's CEO Zheng Zhihao co-invested in the transaction with personal funds.

"FountainVest is known for its strategic, long-term investment vision and excellent investment track record throughout the entertainment industry," said Zheng.

FountainVest is one of the most established independent private equity firms in Asia, with a strong track record investing in leading media and entertainment companies. Its major private equity investments include Focus Media, Amer Sports, Pure Fitness, Endeavor China and IMAX China.

"Going forward, we are quite excited to work with the firm to drive the sustainable development of Maoyan in the Chinese entertainment industry," he added.

Maoyan is a leading ticketing service provider, having served as the general ticketing agent for multiple events and live performances of top-tier artists, including Jay Chou.

"Starting from its initial business in online entertainment ticketing, Maoyan has grown into a leading integrated entertainment service platform with multiple drivers for growth," said George Chuang, co-president of FountainVest.

"We endeavor to leverage our experience and sector resources to help the company further expand its business, achieve long-term development, and ultimately provide better entertainment experiences to Chinese consumers," he said.