Cultural fund raises financing
By Winny Wang |
June 22, 2010, Tuesday
|
Print Edition
Print Edition
WENHUI-XINMIN United Press Group, the parent of Shanghai Daily, and other investors have raised 2 billion yuan (US$293 million) for the country's first media and cultural private equity fund.
China Media Capital, which was launched in April 2009 with a target size of 5 billion yuan, is the country's first cultural fund that focuses on restructuring, merging and innovation of the media and cultural sectors. The first phase of the 2 billion yuan has been put into use.
"China's cultural and media industries need to seek a financing channel, which can meet the current management mode and improve the industry by means of financial tools," said Li Ruigang, chairman of the PE firm.
The fund cooperates strategically with domestic and overseas investors. Other investors of the fund include Shanghai Media Group, China Development Bank, Shanghai Dazhong Public Utilities and China Direct Investments Ltd.
China Media Capital, which was launched in April 2009 with a target size of 5 billion yuan, is the country's first cultural fund that focuses on restructuring, merging and innovation of the media and cultural sectors. The first phase of the 2 billion yuan has been put into use.
"China's cultural and media industries need to seek a financing channel, which can meet the current management mode and improve the industry by means of financial tools," said Li Ruigang, chairman of the PE firm.
The fund cooperates strategically with domestic and overseas investors. Other investors of the fund include Shanghai Media Group, China Development Bank, Shanghai Dazhong Public Utilities and China Direct Investments Ltd.
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