State-backed media conglomerate CMC has raised RMB 10 billion ($1.49 billion) in a recent fundraising round, Reuters reports, with tech industry giants Alibaba and Tencent among investors.
A statement from the company said that the round had given it a valuation of around RMB 400 billion.
CMC Group, consisting of media and entertainment arm CMC Inc and investment branch CMC Capital Partners, is chaired by Chinese media mogul Li Ruigang. The company includes in its global portfolio stakes in Manchester City football club and Warner Bros Entertainment, as well as a major media presence back home.
The likes of Alibaba and Tencent have continued to show greater interest in state-backed firms in accordance with the government’s mixed ownership reforms. The two companies also led the raising of $12 billion for China Unicom late last year.