Shanghai Shuangchuang Jinhong Enterprise Management Co., Ltd. announced that it will receive CNY 100,000,000 in equity round of funding on October 15, 2019. The transaction will include participation from new investor Shanghai New Culture Media Group Co., Ltd. (SZSE:300336). Post the closing, the investor will acquire 15% stake in the company. Out of the total proceeds of CNY 10,588,200 will be added to registered capital and CNY 89,441,800 will be added to capital reserve. The transaction was approved at 4th directorate in 7th meeting and 4th supervisory board in 5th meeting of the investor and does need approval from shareholders. The funding being raised at a pre-money valuation of CNY 567,000,000.