Zhejiang Daily Digital Culture subsidiary invests in venture capital fund

Hangzhou Fuchun Cloud Technology, a wholly-owned subsidiary of Zhejiang Daily Digital Culture Group, has signed a partnership agreement to establish the Hangzhou Hangshu Intelligent No. 1 Venture Capital Fund Partnership (Limited Partnership). This strategic move aims to enhance the company's investment in its core business and related upstream and downstream sectors.

The new venture capital fund will have a total committed capital of 85 million yuan. Fuchun Cloud Technology will contribute 21 million yuan, representing a 24.71% stake as a limited partner. The other partners include Hangzhou Hangshu Management Consulting, contributing 1 million yuan as the general partner, and Zhejiang Yongyuan Caitong Fuzhe High-end Equipment Industrial Equity Investment Partnership (Limited Partnership), contributing 63 million yuan.

This transaction does not constitute a related-party transaction or a major asset restructuring for Zhejiang Daily Digital Culture Group. The investment was approved by the company's general manager's office and does not require board or shareholder approval.