Chinese tech giant Tencent, Alibaba invest $53m in TV producer Canxing

Chinese tech giant Tencent, Alibaba invest $53m in TV producer Canxing

Photo by: Austin Neill/Unsplash

Television show producer Shanghai Canxing Cultural and Broadcast Company has raised $53 million funding from internet giants Tencent Holdings and Alibaba Group, it said in a security filing dated on July 16.

The filing said Alibaba and Tencent invested RMB200 million ($29 million) and RMB160 million ($23 million) respectively, gaining 1.17 per cent and 0.94 per cent stake in Canxing. Tencent made the investment via its unit Tibet Qiming Music.

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