On July 12, Meridian Capital held a grand signing ceremony with Wuxi Radio and TV Group, which was honored as "the country's most powerful television station” in 2010, establishing Wuxi's first cultural industry fund. The Mayor of Wuxi, Zhu Kejiang; member of the Municipal Committee Standing Committee and Propaganda Minister, Wang Liren; Vice Mayor Cao Jiazhong; President of Wuxi Radio and TV Group Yan Keqin; Meridian Capital Management Partners, Xiong Xiangdong and Ji Wei and others attended the signing activity.
It was reported that after cooperating with SND Ventures Group last year, at the beginning of this year, Meridian Capital established the second RMB Fund in the Southeast Economic Development Zone of Changshu. This fund established in Wuxi with Wuxi Radio and TV Group is the third RMB fund in China. The initial investment in the Meridian (Wuxi) Cultural Industry Fund is RMB 200 million, and the final scale is RMB 1 billion.
The fund partners are both outstanding leaders in their industries. Through various inspections and verifications, both parties reached agreement on their intention to establish a powerful cooperation. According to Meridian partner Xiong Xiangdong, the cooperation with Wuxi Radio and TV Group is Meridian’s first fund in cooperation with the cultural and media industry. With the help of the Wuxi Radio and TV Group’s traditional media experience, after the establishment of the fund we hope to combine with the new areas of media resources and investment experience and rely on relevant policies, to reform the Radio and TV Group subsidiaries through stock systems and capital recycling, equity acquisitions, asset restructuring, and consolidation within the industry. This will absorb high-quality resources to bring about a traditional media industry and geographic breakthrough, to create a listed company in a new media of Wuxi Radio and TV, and to support the development of cultural industries in Wuxi.
The cooperation will undoubtedly strengthen the cooperation between Meridian and the large state-owned media group to confirm the depth of Meridian’s focus on equity investment in China's cultural industry, through integration of content and channels to create value, and to obtain high returns. We believe that the cooperation between Meridian and Wuxi Radio and TV Group will generate greater economic and social benefits.
