Zhejiang Haiyue, a China-based industrial company, through one of its two corporate venturing units, has taken a minority stake in media company Zhejiang Zhongnan Group Animation Video (Zn Animation), part of the Zhongnan construction group.
Zhejiang Tianyue Venture Capital, which is 100% owned by Haiyue, said it would invest RMB27.3m ($4m) for a 4.55% stake in Zn, which plans to list, according to news provider China Securities Journal.
In May last year, Haiyue set up two VCs, Zhejiang Tianyue Venture Capital and Zhejiang Haiyue Venture Capital, with RMB100m each.
At the time of their formation, Haiyue said the VC firms were the "best approach to achieve strategic transformation and promote sustainable development by making the best of the firm’s abundant funds".
It added: "VC investment is also the most effective way for the company to get involved in clean energy, new materials and new technology areas, gain policy support and create new competitiveness of the company."
Since their launch, Zhejiang Tianyue VC has invested in Zotye, while Zhejiang Haiyue VC has backed Yu Tian Technology, Taiyin and Huarui Taixin.