Two China-based corporates have set up the Shanghai Culture Industry Equity Investment Fund with RMB3bn ($480m), according to news provider First Financial Daily, securing commitments from other corporate investors. The fund is targeting to raise RMB10bn.
The fund was started by China-based financial group Haitong Securities and China-based media group Shanghai Media Group, First Financial Daily added.
It has also received helpfrom Shanghai XinHua Media and Shanghai Qiangsheng Group.
Other contributors to the fund include Xiamen C&D Corporation, Shanghai Zhangjiang Creative Industry Development, Wenhui – Xinmin United Press Group, Shishi Hua Ya Xiang Da Equity Investment Fund, and others.