A few days ago, China's first Chinese private equity fund focused on the investment and financing of the culture and media industry, the Chinese Cultural Industry Investment Fund CMC (China Media Capital), completed the first phase of RMB 2 billion in fund raising and was officially put into operation. According to incomplete statistics, the amount of cultural industry funds that have been raised and planned to be established in China exceeds 30 billion yuan, and its target projects and operation prospects deserve attention.
"National prefix" cultural industry funds are too few
According to the relevant person in charge, CMC has a scale of RMB 5 billion and will take the form of a limited partnership. It will mainly focus on the restructuring and reorganization of the cultural and media fields, industry integration and format innovation, especially national major cultural industry projects and transnational projects. .
"There are few cultural industry funds, and there are fewer cultural industry funds with a national background. The scale of CMC 5 billion yuan is very large." Yang Ming, director of the marketing department of Shenzhen Cultural Exchange Center, said that in the face of the current "glacial period" and stocks in the real estate market The market's "non-death is not alive", as well as the impact of inflation, a large number of idle funds in society began to find a better way to manage wealth, cultural enterprises and projects have become a new investment hot spot.
"The establishment of CMC shows that professional investors and institutions have begun to pay attention to the cultural industry, which is good news for the cultural industry." Liu Gang, president of Haidian Venture Capital and Private Equity Investment Association, said. In the future, the cultural industry will have a lot of room for development. The cultural industry needs financial support to go further, and it cannot allow cultural enterprises to stay in the workshop stage.
Professional fund management team urgently
"The main sponsors and investors of CMC have strong financial investment and cultural media industry background, which is their advantage. At the same time, they are also their deficiencies, because from the perspective of fund management, they still lack professional fund management Team. "Liu Gang said. No matter what type of investment fund is, the funder or the public will hand over the funds to the management team. The quality of the team is the key to the successful operation of a fund. However, there are still some gaps in China's investment management institutions and management teams in terms of corporate governance structure, advanced management experience, and elimination of internal human control.
The main sponsors and investors of CMC include Shanghai Oriental Huijin Cultural Industry Investment Co., Ltd., which is controlled by Shanghai Oriental Media Group Co., Ltd. (SMG, formerly Shanghai Media News Media Group), and China Development Bank, a subsidiary of China Development Bank, etc. mechanism. Li Ruigang, president of Shanghai Oriental Media Group Co., Ltd., serves as chairman and general manager of the fund. "Because of the background of the National Development Bank, CMC should be easily recognized by investors." According to the relevant person in charge, CMC was launched in April 2009 and has been preparing for more than a year.
Focus on restructuring and reorganization in the field of culture and media
"The sponsor of the fund has rich media operation experience and resources, and will play an important role in fund project selection and post-investment management." Liu Gang said. Cao Yuan, a media analyst at Guodu Securities, believes that the operation of CMC is good news for the cultural and creative industry, but the actual impact still needs to be observed. "In fact, some areas of the cultural and creative industries are not short of money, mainly due to some institutional difficulties, especially in the field of broadcasting and television."
It is reported that the fund will take the form of a limited partnership, focusing on the restructuring and reorganization of the cultural and media fields, industry integration and format innovation, and strive to become an important strategic investor to promote the leapfrog development of the domestic cultural industry. "Private equity funds have many investment methods, and the most common is equity investment. Many companies are not large before listing, and after listing to become a large company, they may bring triple returns to investors." Yang Ming said.
At the same time, the fund will also commit itself to "going global" of Chinese culture, use capital to intervene in the international media market, and explore the construction of a global media investment and operation platform belonging to China. According to insiders, at present, the marketization of China's publishing and content industries is not high, so publishing, new media, performing arts and other major industries that are in the process of cultural reform will become the focus of investment.
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