Chinese tech giants Alibaba and Tencent have invested in television show producer Shanghai Canxing Culture & Broadcast Co., in a funding round worth RMB 360 million ($53 million), according to local media.

Tencent’s investment of RMB 160 million was made through its subsidiary, Tibet Qiming Music, while Alibaba’s contribution totaled RMB200 million. The companies hold 0.94% and 1.17% of Canxing’s shares respectively

Canxing initially raised RMB 21 billion in its Round A in December 2017, with the expectation that the company would file for a listing at some point in 2018. The company is the former producer of the popular TV show “Voice of China,” among others. It has created over 20 shows in China, which focus on music and dance. Additionally, the company owns a record label with over 120 artists.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.