IMAX Corp, the world's leading giant-screen  theater operator, and TCL Multimedia, one of China's leading entertainment equipment manufacturers, announced a joint venture on Wednesday to design, develop and manufacture a premium home theater system.

The system is scheduled to be launched in China in 2015, and will then be introduced to other markets across the globe.

The companies will each hold a 50 percent stake in the new joint venture, which will manage the business on the Chinese mainland and in Hong Kong. Departments of research and development, sales, marketing and production will be established within the new company.

Following the recent introduction of the IMAX Private Theater, the system will incorporate components of IMAX's premium projection and sound technologies, and can be applied to a wide variety of home environments. Customers will be able to have access to current releases that have been digitally converted into IMAX format, and enjoy the supporting services as well, according to IMAX Corp.