(Yicai Global) March 1 -- Shanghai United Media Group, China's first financial news and data provider, has merged two of its news platforms into what its chairman describes as the "Chinese Bloomberg."

Jiemian and Cailian Press underwent a share swap at the end of last year and have rebranded as Jiemian-Cailian Press, Qiu Xin, SUMG's Chairman and Secretary of the Party Committee, said at the group's annual work meeting.

As Shanghai looks to build around the five pillars it lists as the international economy, finance, trade, shipping and science, SUMG will develop its national financial news platform into a Chinese version of Bloomberg LP, he added.

Jiemian is an important part of the new plan, Qiu said, adding that it delivers professional, authoritative news to middle and high-end readers. Its 33 pan-commercial channels deliver information about more than 200 large companies to over 12 million users every day.

State-owned Securities Times Financial Media Group founded stock-focused Cailian Press, which is operated under Blue Whale Media, in 2015.