报告名称：Songcheng Performance：Alert Songcheng to set up TMT investment fund for future a
报告类型：海外市场
报告日期：2015-07-29
研究机构：德意志银行股份有限公司
页数：1
简介：To set up TMT investment fund of RMB 3bn
On 29 July, the company announced its plan to set up Songcheng TMTinvestment fund of RMB 3bn. The fund will follow Songcheng’s overallstrategy of “developing a Songcheng eco-system, and fully embracing theonline world.” The fund aims to invest in promising online companies inculture, social, media, OTA, education, finance and sports areas. Phase one ofthe fund aims to raise up to RMB 500m, out of which RMB 125m (25%) will becontributed by Songcheng and its related parties. Qixian TMT Investment (七弦投资) will be the general partner with RMB 5m (1%) investment; Six Roomsmanagement Mr. Liu Yan, Hangzhou Songcheng Group and SongchengPerformance (300144.SZ) will be the limited partners and will each contributeRMB 10m (2%), RMB 55m (11%) and RMB 55m (11%) respectively (Figure 1.)
DB’s view
Songcheng has set foot in the online world in March by acquiring the webbasedshow platform Six Rooms, and is moving towards an asset-light modelwith the launch of Romantic Show in Tai’an on 28 July. The set-up of the TMTinvestment fund further confirmed our view (as stated in our recent report) thatSongcheng is leveraging its brand equity and online resources brought by SixRooms to achieve faster expansion under an asset-light model. We believe theTMT investment fund could help build a well-rounded eco-system andstrengthen the foundation for Songcheng to grow on its asset-light model.

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