Huayi Tencent Entertainment, a new media company headquartered in Hong Kong, has reportedly invested around $4.2 million (5 billion won) to the sci-fi film, "Lightning Ship."

The news is according to a statement released on May 27 by Merry Christmas, the film's investment distribution company.

"Huayi Tencent is an entertainment investment company that represents not only the Chinese market but also the Asian market. We are very glad that their investment increased the possibility of distribution in the Chinese market and showed the high possibility of success for 'Lightning Ship' in a global market," Merry Christmas CEO Yoo Jung Hoon remarked.

The movie boasts a star-studded cast fronted by acclaimed Hallyu stars Song Joong Ki ("Descendants of the Sun") and Kim Tae Ri ("Mr. Sunshine"). And because of its outer space-centered theme, the production is expected to be done on a much grander scale.

"Lightning Ship" will also reunite Joong Ki with "Werewolf Boy" director Jo Sung Hee. The 2012 fantasy romance flick is a certified blockbuster hit, amassing over 6.65 million moviegoers.

According to news reports, "Lightning Ship" is Sung Hee's dream project, with the director aspiring to helm such film genre after finishing "Werewolf Boy."

The highly anticipated film will be jointly financed by Korea and China. Filming will begin in July and the premiere is slated in 2020.

For Huayi Tencent director Hu Jun Yi, investing in the said movie is a wise move, stating: "With the unique world view and strong story, as confirmed through the scenario, as well as our trust in director Jo Sung Hee's direction abilities based on his previous works, we are very happy to support Korea's first space sci-fi film with an amazing cast made up of Korea's top actors."

The company is a collaborative firm between Chinese film studio giant Huayi Brothers Media Corp. and leading IT company Tencent Holdings Ltd.

Prior to "Lightning Ship,", Joong Ki will star in another big-budget project -- his small screen comeback, "Asadal Chronicles." The period fantasy series will premiere on June 1 on TVN, and will also be available via Netflix.

The series will follow the lives of ancient mythical heroes, with the fictional city of Asadal as the show's main setting. It will also star Jang Dong Gun, Kim Ji Won, and Kim Ok Bin.