(Yicai Global) Dec. 5 -- Shanghai Shangxiang Entertainment Group Co., a specialist in stage plays and entertainment show productions, told Yicai Global it completed its round-A financing of USD15 million (CNY100 million). Investors include Mango Wenchuang (Shanghai) Equity Investment Fund Partners and another fund.
Yan Kaidi, financial director of Shangxiang Entertainment, projects the company will deliver a total profit of nearly CNY100 million and its revenues will top CNY1.5 billion in the next three years. Many entertainment companies have secured investment in 2016, but funding is becoming ever more difficult to come by in show business. Only market leaders and the most competitive players in specific verticals will receive financing in future.
Shangxiang Entertainment Group’s round-A financing came from Mango Wenchuang (Shanghai) Equity Investment Fund Partners LLP and Yung Park Culture and Media Co., owned by Yung Park Capital Holding Group Co., Yan noted, without elaborating on specific amounts.