Six Shanghai State-Owned Enterprises Inject $88M In 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 will be reduced to 82.2% from 100% previously. No

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