Zhejiang Daily Digital invests in new venture capital fund

Zhejiang Daily Digital Culture Group Co., Ltd. announced that its wholly-owned subsidiary, Hangzhou Fuchun Cloud Technology Co., Ltd., will invest 21m yuan in the Hangzhou Hangshu Intelligent No. 1 Venture Capital Fund Partnership (Limited Partnership). This investment represents a 24.71% stake in the fund, which has a total committed capital of 85m yuan. The fund's primary focus will be on single-project investments in the unlisted equity of Cloud Sharp Information Technology Co., Ltd., a company specializing in digital products and technical services within the ICT infrastructure domain.

The fund's investment is expected to expand Zhejiang Daily Digital's investment scope, enhance investment returns, and achieve capital appreciation, without significantly impacting the company's normal operations or financial condition. The fund's manager is Hangzhou Golden Investment Industrial Fund Management Co., Ltd.

As of the announcement, the partners have not yet contributed capital, and the fund is awaiting registration with the Asset Management Association of China. There are inherent risks, including potential delays in registration, macroeconomic factors, industry cycles, and operational management of the investment target, which could affect expected returns.