Xinhuanet Co (603888.SH), operator of Chinese government news agency Xinhua News' website Xinhuanet.com, has announced that its wholly owned investment management subsidiary, Xinhuanet Venture Capital, has completed business registration formalities and secured a business license from the Beijing Administration for Industry and Commerce. Its date of establishment is August 7, 2017.
The investment firm will engage in investment management, and aim to invest in upstream and downstream business that share synergies with Xinhua News Agency. Xinhuanet Venture Capital will purchase equity in target companies to integrate their strengths with Xinhua.
On April 28, Xinhuanet Co. announced the investment of RMB 100 mln to establish a wholly owned investment management subsidiary, Xinhuanet Venture Capital.
Editor's Note: For more information on this topic, please see "Xinhuanet to Establish RMB 100 Mln Investment Management Subsidiary," MD 4/28/17 issue.