(Yicai Global) Sept. 27 -- Almost 30 Chinese companies have established the country's first national-level industrial investment fund focusing on media convergence with an expected scale of CNY10 billion (USD1.6 billion).

China Media Group’s subsidiary China International Television and 26 companies, including China Telecom and China Culture Industrial Investment Fund, formed CMG Media Convergence Industry Investment Fund yesterday with an initial scale of CNY3.7 billion (USD572.8 million), Yicai Global learned at the inauguration ceremony.

The fund will invest in cutting-edge technologies, including fifth-generation wireless networks, ultra-high-definition video, artificial intelligence, cloud computing, and blockchain. It aims to build a national investment platform for media integration.

Establishing the fund is an innovative breakthrough in the integration of culture plus finance, Shen Haixiong, director at CMG, said at the ceremony.

CMG will give full play to the positive role of capital markets while expanding the fund to form a leading industry model, said Shen. The state media company will promote the high-quality development of China’s cultural industry in the field of radio and television, the director added.

Forming the fund in Shanghai will surely spur more cultural and creative industry innovation, as well as promote the cultural brand of Shanghai, Mayor Gong Zheng said in his speech at the event. Shanghai will fully support the development of the fund, create a good environment, and provide quality services, he added.

Editor: Emmi Laine, Xiao Yi