In the evening on November 17, CNS’s Culture + Finance strategy has been accelerated since the establishment of the fund management company. It is the first in publication and media industry,
BOFO cultural industry investment fund is about 500 million Yuan (450 million from CNS, 40 million from Xiaoxiang, 10 million from BOFO). The duration will be 5+1+1 years.
Founding of cultural fund completing “culture+finance”strategy
In recent years, CNS made a development path that integrates online and offline, culture and finance, which was defined as a core strategy in its 13thFive-Year Plan. By combing culture and finance, cultural industry with capital, the Group will be built into a world-famous provider of information service and comprehensive communication solutions, an operator of full Chinese language media and a strategic investor of major cultural industries.
“A strategic investor of cultural industry is a great explanation to the relations between cultural sector and financial sector,”a researcher from the Research Center of Chinese Cultural Industry and Brands of CSU, “both the establishment of the financial company and BOFO fund are necessary for the extension of the Group’s cultural and financial chain, which will benefit their integration.”
CNS entered financial filed in 2014 represented by gaining the approval to build its own financial company, which was the first one of its kind in China. Since the operation started on May 6, 2014, the company has received operating income of 280 million Yuan,which generated 150 million Yuan net profit by the middle of 2015.
The highly efficient management of budget and flexible operating method effectively pushed forward its consortium style development strategy; the capital concentration and constant strengthening of its profits laid a solid foundation for the Group to carry out the strategies.
But in Chairman Gong’s mind, a complete financial platform should include the financial company, the fund management company and online payment company. So that the core products of the Group could be fully supported and operated on the platform. At present, the platform is going to be completed as long as it gain the license for online payment.