Beijing-headquartered ALAN AMC is set to forge a partnership with Bloomage International Group to launch an industry fund to focus on investments in culture and sports industry.
Both parties have inked an agreement for the same. The size of the proposed fund is expected to be 10 billion yuan ($1.4 billion).
ALAN AMC and Bloomage International will be its cornerstone investors, ALAN AMC announced on WeChat.
The fund will help the firms support existing projects, besides exploring investments in competitive cities in the country.
ALAN AMC, established in 2016, claims to have a registered capital of 1.7 billion yuan ($246 million). It operates businesses across sectors such as fashion, realty, and consumer finance, among others. Its majority shareholders include SZ-listed Lancy, Korean Hana Financial Group’s subsidiaries KEB Hana Bank and Hana Financial Investment.
Apart from Beijing, ALAN AMC has offices in Shanghai and Hong Kong.
According to another press release issued recently, ALAN AMC participated in Chinese anti-tumor drug maker Haihe Biopharma’s 1.2 billion yuan ($171 million) Series B round in July.
Set up in 1989, Bloomage International is a privately-held giant that has two flagship business lines under culture and sports, and healthcare and beauty, respectively. It has over 10 billion yuan ($14 billion) in assets under management.
Its stadium Cadillac Arena will hold a hockey tournament in 2022 Beijing Winter Olympic Games.
Of late, a string of Chinese companies has forged partnerships to launch culture and sports-based industrial investment fund. In July, Hong Kong-listed Chinese marketing solution provider Activation Group made headlines when it tied up with state-owned investment platform Shanghai Innovital Capital Investment Management to set up a 1 billion yuan ($143 million) sports and entertainment industry fund. Earlier in March, top cinema group Guangzhou Jinyi Media, along with Tianjin Jinyi Investment Management, announced its plans to establish an 800 million yuan ($112 million) culture driven industry fund.