Three state-backed investment groups in southern China have joined forces in the launch of an RMB-denominated mega-fund to invest up to 20 billion yuan ($2.9 billion) in the country’s ultra-high-definition (UHD) video industry.
Guangzhou Development District Investment Group, a Chinese state capital investor with about 45 billion yuan ($6.5 billion) in total assets, co-established and launched the 20-billion-yuan mega-fund at a signing ceremony on Thursday, the online arm of Chinese state news agency Xinhua reported.
