Shanghai launched United Media FOFs on Sunday, the first fund of funds initiated by a State-owned media group to focus on culture investments.

United Media FOFs - a fund of funds, an investment strategy of holding a portfolio of other investment funds - is financially backed by Shanghai JinWin Investment Co, Ltd, an investment platform directly under the jurisdiction of the Shanghai municipal government's Information Office, Shanghai United Media Group, the Venture Capital Guiding Fund of the Minhang district government, Shanghai International Group and Shanghai Pudong Development Bank.