Radio & TV Fund, subsidiary of Guangdong Radio & TV Network Co., Ltd. which is also a radio & TV operator, was officially launched on October 28. Jointly founded by Guangdong Radio & TV Network and Guangdong Zhongguang Investment Management Co., Ltd., Radio & TV Fund targets RMB5.00B for its first close. Zhang Jian, President of Guangdong Radio & TV Network noted as early as in July 2011 that the company is expected to roll out outward investment project this year and next, to obtain direct profits through direct equity investment and participation in PE fund.

"As things stand, we started our inspection tour to Fortune VC as early as in 2009, which is a subsidiary of Hunan TV & Broadcast Intermediary Co., Ltd., in the hope that we can build our own VC fund project and Hunan TV & Broadcast Intermediary Co., Ltd. represents our role model in this respect," said an insider of Guangdong Radio & TV Network to the reporter.

The Q3’11 Report just released by Hunan TV & Broadcast Intermediary Co., Ltd. showed that in the first three quarters, the Company recorded a business income of RMB1.94B, a year-on-year drop of 58.2%. That being said, its net profit hit an all-time high at RMB633.00M, up 1656.3% year on year, among which, VC business comes as the largest profit contributor.

Source:pedaily.cn