ThePaper.cn, an online media start-up backed by the Shanghai United Media Group, has raised RMB610 million (US$88 million) in strategic financing from six Shanghai-based state-owned enterprises, the company announced.
The six companies are Shanghai Jiushi Corporation, Jinwin Investment, Shanghai East Best & Lansheng International Trading Co., Ltd., Bailian Group, INESA (Group) Co., Ltd. and Jinjiang International Co., Ltd.
Of the six state-owned enterprises, Jinwin Investment is the direct investment arm of the Publicity Department of the Shanghai Municipal Committee. It focuses on investing in the culture, entertainment, media and consumption sectors.
After the completion of the investment, Shanghai United Media Group's stakes in the operating entity of ThePaper.cn will be reduced to 82.2% from 100% previously. No This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network