Bona Film Group announced this week at the Cannes Film Festival that it is investing US$80 million into Midway, the World War II drama to be directed by Roland Emmerich (Independence Day).

Not much information is known about the film, except that it will cover the Battle of Midway, a decisive battle in the Pacific Theater that saw US forces strike a decisive blow against the Japanese military.

Bona will take distribution rights worldwide – including China – except for the US. The film will be produced by Bona CEO You Dong and Mark Gordon. It’s expected to begin production with a script penned by Wes Tooke. The news was first reported by Deadline.

Bona also announced that it has set up a new film investment fund with Hollywood talent agency CAA. With an initial investment of US$150 million, the fund will be devoted to producing English-language films for the global market, China-US co-productions and Chinese-language films. Bona will hold China distribution rights for all the films in the fund, while CAA will handle North America global sales. Midway is the first project under the fund, and CAA will look for a North American distributor for the film.

Bona was the first Chinese film company to be listed on NASDAQ, though it delisted itself last year. It has also established several film investment funds in the past and funded US$235 million into a slate 20th Century Fox’s films through TSG Entertainment Finance in 2015.