PANews reported on October 9 that according to China Fund News, Beijing Danghong Qitian International Culture and Technology Development Group Co., Ltd. (hereinafter referred to as "Danghong Qitian") recently completed a C round of financing worth hundreds of millions of yuan, jointly invested by China Control Fund, "China Vision Valley" Industry Fund, NetEase, Guoke BOE, CITIC Centennial Assets, Jiahesheng Capital and Yecao Venture Capital. After this round of financing, Danghong Qitian's East China headquarters was officially settled in Hangzhou, becoming a landmark project of the "China Vision Valley" metaverse.

According to the official website of Danghong Qitian, the famous director Zhang Yimou serves as its co-founder and also serves as the artistic director of Danghong Qitian. The official website shows that Danghong Qitian was established in 2015. It is a national high-tech enterprise, a "specialized and new" enterprise in Beijing, and also the XR experience provider for the 2022 Beijing Winter Olympics, Winter Paralympics and the 20 major news centers. In addition to Zhang Yimou, the other two founders are Qi Xiao and Ma Zihan. Qi Xiao was employed by the Beijing 2008 Olympic Organizing Committee, the producer of the opening ceremony "Scroll" of the 29th Beijing Olympic Games in 2008, one of the producers of the closing ceremony, and one of the 40 business elites under 40 years old in China selected by Fortune magazine in 2017. Ma Zihan graduated from Hong Kong Baptist University and has participated in the investment of many famous domestic and foreign film and television works, including Cameron's "Deep Sea Challenge". He is currently the co-founder of Danghong Qitian Group and the vice president of the Hong Kong Web3.0 Association. Qi Xiao once publicly revealed that this was the first time Zhang Yimou invested in and joined a company as a founder.