China's Weimob ties up with SHIVC to launch $142m industrial fund

Justin Chin/Bloomberg

Weimob Inc, a Chinese cloud-based commerce and marketing solutions provider, has joined hands with state-backed innovation centre SHIVC to set up 1 billion yuan ($142 million) industrial fund, according to an announcement.

As many as four subsidiaries of Weimob contributed a total of 997 million yuan ($141 million) to the fund as its limited partner, while SHIVC has contributed another 3.3 million yuan ($40 thousand) as its general partner.  Another subsidiary of Weimob is said to have pumped in the remaining amount in the capacity of a general partner.

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