Chinese online giant Tencent just announced that it is setting up Penguin Pictures, a film production arm for online drama production, investment in films and development of its own pool of artists. Tencent has already accelerated expansion into China’s booming film production industry through investments in a series of blockbusters since last year, including local box office champion Monster Hunt. It is interesting to note that Tencent has sent invitations to local media for a launch event on Sept. 17 for Tencent Pictures, a similar entertainment spin-off from Tencent Interactive Entertainment Group, a comprehensive entertainment branch of the internet behemoth. It has appeared more than once that Tencent teams from different departments develop products in the same class at the same time. But a company insider also disclosed that Tencent Pictures will have a wider focus on gaming, animation, literature and film & TV sectors, citing a report from Sina Tech.