Shanghai Longyun Cultural Creation & Technology Group (SHA:603729) partnered with two entities to establish a marketing and advertising joint venture, according to a Shanghai bourse disclosure on Friday.
The venture, Shanghai Longyun Nuoya Marketing Planning, will have a registered capital of 10 million yuan.
The Chinese advertising services provider will own 65% of the venture after investing 6.5 million yuan into its capital.
The venture partners, Xingmei Holdings and Shanghai Yaomo Cultural Media Partnership (Limited Partnership), will own 30% and 5% of the venture, respectively, after investing 3 million yuan and 500,000 yuan.
The company's shares dropped less than 3% in recent trade.
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