Xinhuanet's (SHA:603888) subsidiary, Xinhua Yi Lian Investment Management (Tianjin) committed 30 million yuan to the establishment of Changsha Quanzhong Venture Investment Partnership, according to a Tuesday filing with the Shanghai bourse.
With a target size of 1 billion yuan and an initial capital of 652 million yuan, this fund will focus on venture investments. Xinhua Yi Lian will hold a 4.6% stake in the first round of funding.
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