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Following Xi Jinping's visit to the US, China will import 14 more American movies each year, on top of the current annual quota of 20 American movies. The American shares in box office revenue in the China market will increase from 13% to 25%. Private Chinese companies will be allowed into the coveted land of movie importation that is still monopolized by state-owned companies. US-China collaborations will receive the same treatment as Mainland-Hong Kong collaborations. Dreamworks will enter into a US$330 million animation joint-joint venture with Shanghai Media Group (SMG) and two other companies in Shanghai. Dreamworks will hold a 45% stake and the Chinese parties 55%.