Jiemian-Cailian Press, a financial information service provider owned by Chinese state-owned media group Shanghai United Media Group, announced on Monday that it has secured over 500 million yuan ($72 million) in a Series C round of financing.
The Series C round was backed by strategic investors including Chinese state-owned financial conglomerate Xu Hui Guo Tou, and China Internet Investment Fund (CIIF), a hundred-billion-yuan fund jointly launched by China’s Ministry of Finance and the Cyberspace Administration of China (CAC), the central Internet regulator in China.
Jiemian-Cailian Press was created at the end of 2017 through a stock-for-stock merger between Jiemian and Cailian Press.
Jiemian, an online media outlet launched by Shanghai United Media Group in 2014, and Cailian Press, founded in 2015 by media firm Lanjinger.com and China’s Securities Times as a newswire service for A-share investors, sought to build “China’s Bloomberg” through the merger, said Qiu Xin, president of Shanghai United Media Group, in a statement at that time. The statement claimed that the merged venture was valued at over 5 billion yuan ($717 million).
Shanghai-based Jiemian-Cailian Press covers hundreds of pieces of financial news on a daily basis, tracking the development in global major capital markets, listed companies and financial institutions. Its readers and clients include government departments, investment institutions, publicly traded companies, and individual investors.
The company said that it leverages financial big data, machine learning, user labels and intelligent distribution technology to provide news, financial information, big data and transaction services through so-called “to-customer (to-C)” platforms including Jiemian, Cailian Press, and chinastarmarket.cn, as well as “to-business (to-B)” data systems and applications.
It has more than 500 reporters and editors located in cities like Shanghai, Beijing, Guangzhou, Shenzhen, Hong Kong, New York and London.