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China's first media sector finance company lands in Shanghai FTZ
Updated: 2017-01-05
( chinadaily.com.cn )
The Shanghai Media Group Finance Co, the first of its kind in China's media sector, is inaugurated at the China (Shanghai) Pilot Free Trade Zone, in the city's Pudong New Area, on Dec 28. |
The Shanghai Media Group Finance Co, the first of its kind in China's media sector, was inaugurated at the China (Shanghai) Pilot Free Trade Zone (FTZ), in the city’s Pudong New Area, on Dec 28.
The new finance company received 1 billion yuan ($144 million) in registered capital from two backers, the largest being Shanghai Media Group (SMG), investing 600 million yuan and holding 60 percent of the shares. The other shareholder is the Shanghai Oriental Pearl Group, holding 40 percent of the shares.
The company is a result of the country's call for the integration of culture and finance industries and it has chosen to settle down in the FTZ due to the zone's various preferential policies, according to insiders.
Designed to be a capital center, a financial service center, and a profit growth center for its backers, the company will focus on settlement, deposits, loans, and intermediate business.
Wang Jianjun, president of Shanghai Media Group, said that the new company will work on offering financial services to SMG, expanding the media group's fundraising channels, improving its efficiency of capital use, lowering its financial costs, and optimizing its financial structure.
Some experts commented that the launch of the new finance company will not only promote SMG's development, but also further push cooperation between culture and finance industries.