SUMG unveils joint fund for investments
Print Edition
SHANGHAI United Media Group and Shanghai Industrial Investment Co yesterday launched a joint fund of 1.809 billion yuan (US$291 million) that will boost the media group’s investment in cultural activities, industrial parks and innovative industries.
China’s largest media group will contribute 1 billion yuan, and SIIC, the city’s major state-owned business company involved in real estate, infrastructure and equity investment, will provide 800 million yuan in the first phase.
The remaining 9 million yuan will be injected by private investors.
The move to launch the joint fund arose from SUMG’s ambition to become a conglomerate in the cultural and media industries in the digital age.
The fund, which will be managed by Shanghai Real Power Capital Co, aims to have not less than 10 billion yuan in the future. Real Power Capital, set up in 2011, operates assets worth more than 5 billion yuan.
Cheng Feng, chairman of Real Power, said the fund is part of China’s reform of state-owned enterprises to allow for more private investors to take part in their operations.
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