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China Media Capital raises 10B yuan backed by Alibaba, Tencent

Chinese media and entertainment group China Media Capital has raised 10 billion yuan from investors including technology giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd., Reuters reported.

The A-round fundraising attracted new investors including real estate player China Vanke Co. Ltd., CMC said.

The firm, formerly called CMC Holdings, focuses on sports, amusement parks, films and TV shows and was reportedly valued at about 400 billion yuan after the fundraising round.

CMC was founded by media tycoon Li Ruigang.

As of July 2, US$1 is equivalent to 6.66 Chinese yuan.