Liu Bai Entertainment

What Liu Bai Entertainment does

Liu Bai Entertainment (留白影视) is a privately-held Chinese film and television content production company founded in 2015 and headquartered in Beijing, with a secondary operating entity in Dongyang, Zhejiang. Its business spans drama series production, IP development and licensing, artist management, animation, and project investment, organized around a producer-led model of five mature production workshops capable of delivering 8+ mid-to-large-scale drama series annually. The company positions itself primarily on three content tracks: period/historical-suspense dramas (notably adaptations of the Ma Boyong literary catalogue including The Longest Day in Chang'an, Wind Rise in Luoyang, and The Sleuth of the Ming Dynasty), contemporary realism/anti-organized-crime dramas (headlined by the 2023 breakout hit The Knockout, Douban 9.1), and romance/youth titles.

The studio generates revenue by licensing completed and co-produced series to Chinese streaming platforms — principally iQIYI, with secondary relationships at Youku, Tencent Video, Sohu Video, and Mango TV — and to broadcast channels including CCTV-1, CCTV-8, Beijing TV, and Dongfang TV. Go-to-market is sales-led, executed through joint production, commissioned/customized, and rights-acquisition models; pricing of individual license deals is not publicly disclosed. Headcount has grown from approximately 60 to around 120 employees, and the company completed a Series D financing round in June 2021 at a post-money valuation of approximately RMB 1.5 billion (~USD 215 million), with Matrix Partners China (经纬中国) and Nanshan Capital (南山资本) as continuing backers. Founder Xu Kang (徐康) serves as chairman and lead producer, driving the overall content strategy, while a separate producer, Xu Tai (徐泰), directs day-to-day quality control on flagship projects.

Name

Liu Bai Entertainment

Legal name

留白影视 (Liubai Film and Television)

Website

https://liubai.tv

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Liu Bai Entertainment (留白影视) is a Beijing-based privately-held Chinese drama production studio that produces premium historical, crime, and romance TV series for major streaming platforms (iQIYI, Youku, Tencent Video) and state broadcasters (CCTV-1/8), running five producer-led studios delivering 8+ shows per year.

Ownership category

akta.pro rank

Product category

TV Drama Production

NAICS

Motion Picture and Video Production (512110), Motion Picture and Video Distribution (512120)

SIC

Services-Motion Picture & Video Tape Production (7812), Services-Motion Picture & Video Tape Distribution (7822)

akta.pro primary industry

Stock Media, Asset Marketplaces & Licensing Platforms (BPAMAJAM)

akta.pro secondary industry

Creator Licensing & Rights Monetization (UGC Licensing, Music/Video Rights) (MPACAFAK)

Keywords

• TV drama production
• Film and television studio
• Chinese content production
• IP adaptation series
• Streaming platform content

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. 剧集版权销售与平台定制: 留白影视通过向流媒体平台（爱奇艺、优酷、腾讯视频等）提供剧集获取收入。采用联合出品、定制剧、版权剧等合作模式。平台在降本增效背景下，对优质内容给予更合理回报。

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Liu Bai Entertainment (留白影视) is a film and television production studio that produces and licenses premium Chinese-language TV drama series to streaming platforms (iQIYI, Youku, Tencent Video) and traditional broadcasters (CCTV, provincial satellite TV). Operating under a producer-led model with five production workshops, the company develops IP, produces scripts, casts talent, and delivers completed series through co-production deals, commissioned series, and licensing arrangements, primarily serving B2B customers in China's online video and broadcast industries.

Product overview

Liu Bai Entertainment (留白影视) is a film and television production company founded in 2015, specializing in premium drama series production. The company operates as a content studio producing TV dramas across multiple genres including historical/historical suspense (长安十二时辰, 风起洛阳, 显微镜下的大明), crime/thriller (狂飙, 对决, 刑警之海外行动), and romance/youth (半是蜜糖半是伤, 亲爱的公主病). Their portfolio includes both co-productions with major streaming platforms like iQIYI and CCTV, as well as independently produced projects. The company has established itself as a leading production house for high-quality Chinese television content, particularly noted for their work with author Ma Boyong on historical mystery dramas.

Differentiator

Problem solved

Functional benefit

Products and services

• The Knockout (狂飙) A crime drama depicting the 20-year battle between police officer An Xin and fishmonger-turned-gangster Gao Qiqiang, exploring themes of anti-corruption and anti-organized crime efforts in China. Aired on CCTV-8 and iQIYI.
• The Longest Day in Chang'an (长安十二时辰) Historical thriller set during the Tang Dynasty, following a condemned man and a young intelligence officer who must save Chang'an from a terrorist attack within 24 hours. Aired on Youku.
• Wind Rise in Luoyang (风起洛阳) Historical mystery drama set in Luoyang during the Wu Zetian era, following three protagonists from different social classes who investigate a conspiracy threatening the capital. Aired on iQIYI.
• The Sleuth of the Ming Dynasty (显微镜下的大明之丝绢案) Historical drama based on Ma Boyong's work, following a mathematical prodigy who discovers a century-old tax error and gets entangled in a political struggle. Aired on iQIYI.
• Mature Years (熟年) Contemporary family drama depicting the struggles and reconciliation of the Ni family across three generations dealing with midlife crises and aging parents. Aired on CCTV-1 and iQIYI.
• The Confrontation (对决) Crime thriller following two police officers who form an unlikely partnership to take down organized crime in a county overrun by corruption. Aired on Tencent Video.
• Overseas Action (刑警之海外行动) Crime drama depicting Chinese detectives working overseas without law enforcement authority, handling cases involving witness repatriation, telecom fraud, and organized crime. Aired on Beijing TV.
• My Dear Princess (亲爱的，公主病) Romantic comedy subverting traditional princess tropes, following an heiress who must win her arranged fiancé's heart despite a 'curse' preventing those she loves from loving her back. Aired on Sohu Video.
• Dear Prince (亲爱的王子大人) Fantasy romantic comedy where a celebrity's soul becomes trapped in a digital pet device connected to an idol-obsessed girl, forcing an unlikely partnership. Aired on Sohu Video and Mango TV.
• Shining Girl (闪光少女) Youth drama about music academy students who form a folk music band to prove the value of traditional Chinese instruments against Western classical music. Achieved Douban score of 7.8.
• Love is Sweet, Love is Poison (半是蜜糖半是伤) Romance following an investment banker with a tear allergy and her childhood friend/secret protector as they navigate the corporate world together. Aired on iQIYI.
• The Girl Who Can't Fall in Love (我不能恋爱的女朋友) Romantic comedy about an unlucky-in-love woman who meets an insomniac director, with an unusual curse preventing her from finding love.
• The Path of Awakening (天醒之路) Fantasy martial arts drama based on a popular web novel, following young warriors with special powers fighting demons and uncovering a grand conspiracy.
• Dark Clouds Meet Bright Moon (乌云遇皎月) Time-travel romance thriller where a mystery novelist and a mechanic meet on a cruise ship, lose memories, and must solve a murder case across different timelines. Aired on Tencent Video.

Quantifiable outcome

• 《狂飙》豆瓣评分9.1，成为2023年开年国产剧评分最高作品
• +4 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered 核心, 重要 and 一般.

• 中国长安出版传媒核心Strategic or Co-development Partner · 14 January 2023中国长安出版传媒作为《狂飙》的联合出品方和指导单位，为剧集提供政策支持和内容把关。该剧由中央政法委宣传教育局、中央政法委政法综治信息中心指导，属于重点扫黑除恶题材影视项目。
• 企鹅影视重要Channel Partner/ Reseller/ Distributor · 1 October 2022企鹅影视与留白影视联合出品《乌云遇皎月》，由腾讯视频独播，双方进行内容合作和平台分发。
• 复星东仑影业重要Strategic or Co-development Partner · 10 May 2022复星东仑影业（东仑传媒）与留白影视联合出品《对决》，东仑传媒参与项目投资和制作支持。
• 洛阳文保集团重要Strategic or Co-development Partner · 1 December 2021洛阳文保集团参与《风起洛阳》联合出品，该剧为华夏古城宇宙首发IP，深度挖掘洛阳历史文化内涵，洛阳文保集团提供文化资源支持和实地拍摄协调。
• 爱奇艺核心Strategic or Co-development Partner · 20 October 2021爱奇艺是留白影视最核心的合作平台，双方联合出品了《狂飙》《风起洛阳》《显微镜下的大明》《熟年》等多部头部剧集。合作模式包括联合出品、定制剧和独播等多种形式，爱奇艺为留白影视提供制作资源和平台支持。
• 金禾影视一般Strategic or Co-development Partner · 27 September 2020金禾影视参与《半是蜜糖半是伤》联合出品，留白影视与金禾影视、爱奇艺三方合作进行制作发行。
• 壹线影业一般Strategic or Co-development Partner · 16 December 2019壹线影业与留白影视、爱奇艺联合出品《闪光少女》剧版，三方合作进行项目开发和制作。
• 马伯庸核心Strategic or Co-development Partner · 27 June 2019马伯庸是头部历史悬疑作家，留白影视与其建立了深度IP合作关系，已影视化《长安十二时辰》《风起洛阳》《显微镜下的大明》《长安的荔枝》《汴京》《大明书商》等多部作品。留白已储备4部马伯庸剧集提上生产日程。
• 曹盾（导演）核心Strategic or Co-development Partner · 27 June 2019曹盾是《长安十二时辰》的导演，留白影视与曹盾建立了深度合作关系，其强质感的视觉风格成为留白古装剧的标志性特点。

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ciwen Media (慈文传媒): Listed Chinese drama and film production company with similar genre mix (historical, fantasy, romance), comparable production scale, and IP-driven model.
• New Classics Media (新丽传媒): Tencent-backed premium drama producer known for adaptations and big-IP series (Joy of Life), directly comparable to Liu Bai in premium drama focus and platform partnerships.
• Linmon Pictures (柠萌影视): A premium Chinese TV drama producer listed in Hong Kong, comparable to Liu Bai in scale, focus on high-end drama series (e.g., Twenty Your Life On), and platform co-production model.

Broad incumbents

• Beijing Culture (北京文化): Listed Chinese film and drama producer/distributor with overlapping TV drama slate, particularly in historical and crime genres where Liu Bai has built hits.
• Huanyu Entertainment (华策影视): One of China's largest listed drama and film production groups; broader portfolio and scale than Liu Bai, but overlapping customer base of streaming platforms and broadcasters.
• iQIYI In-House Studios: The streaming platform that is Liu Bai's largest customer is also building proprietary production teams — a direct competitor for premium slots that increasingly displaces independent producers.

Emerging players

• G!think Pictures (小糖人文化): Emerging premium Chinese drama producer with comparable focus on quality youth/genre content and platform-led co-production, similar in style to Liu Bai's mid-tier titles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liu Bai Entertainment