Southern Media unit invests CNY 149.9m in fund

Southern Publishing and Media Co., Ltd. (SSE:601900) announced its subsidiary, Guangdong Southern Media Investment Co., Ltd., will invest CNY 149.9 million in a new Guangxi cultural industry investment fund, with a total size of CNY 500 million. The fund, tentatively named Guangxi Cultural Industry Investment Development Fund Partnership (Limited Partnership), will see Guangdong Bay Area Venture Capital Co., Ltd. act as the general partner and fund manager. Guangxi Publishing & Media Group Cultural Investment Co., Ltd. will contribute CNY 350 million, giving it a 70% stake. The initial phase of the fund will be CNY 130 million, with all partners needing to contribute 50% of their commitment within 5 days of company registration. The fund will focus on equity investments and asset management.