China-based media company Anhui Xinhua Media has committed RMB 500m ($80m) to a corporate venturing fund it set up in 2012, Sinocast reported on Friday.
The company will allocate an initial $32m to the fund, increasing its stake in it to 96% in the process. It will be a 100% stakeholder in the fund by the time it has provided the full $80m.
Anhui Xinhua Media distributes literary publications, audio and video entertainment, teaching materials and stationery, primarily in China’s Anhui province.