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China media group CMC raises $1.5 billion from Alibaba, Tencent

July 3, 2018 6:10 AM
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SHANGHAI (Reuters) - Chinese state-backed media group CMC Inc said on Tuesday that it had raised around 10 billion yuan ($1.49 billion) in a fund-raising round from investors including rival tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.

CMC, formerly CMC Holdings which stretches from sports to amusement parks, said the A-round fundraising was led by the two tech firms along with new investors such as property developer China Vanke Co Ltd.

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