Zhongnan Red Culture Invests USD3 Million in VR, TV and Film Company for 10 Percent Stake

Yicai

2016-12-07

(Yicai Global) Dec. 7 -- Zhongnan Red Culture Group Co. [SHE:002445], a producer, distributor and operator of films and TV series, has elected to invest CNY20 million (USD3 million) in a virtual reality (VR), TV and film entertainment company for a 10 percent stake.

Zhongnan Red Culture said in an announcement last night that it plans to pay CNY20 million in cash to take part in the capital raising and share-offering program of Beijing Shendu Shijie Culture Media Co

Zhongnan Red Culture said its investment in and cooperation with the target company will allow it to promote its television and film resources by leveraging the latter’s VR technologies to create new variety and talent shows, and that Zhongnan Red Culture’s agency platforms may also help raise the influence of the target company’s live-streaming business.