Fosun forges partnership with China's Modern Sky

The investment will give Shanghai Joy Networks a 10% stake in the company. As part of the deal, the two parties have also agreed to jointly establish a RMB3 billion fund to invest in overseas music and entertainment assets, with a view to helping foreign businesses expand in China, according to a statement.

Beijing-based Modern Sky was founded in 1997 by Chinese musician Lihui Shen, who is a member of domestic rock band Sober. The company operates creative agency under its own name, working with international brands such as Apple, Dell and Nike to organize events in China. It claims to be one of the largest independent record labels in China, producing over 200 music albums since inception.

Over the past two years, Modern Sky also organized music events in New York, Seattle and Helsinki. The company also announced it had invested an undisclosed sum in the organizer of Liverpool Sound City, an annual music festival and industry conference in the UK city.

Modernsky received pre-Series A round from domestic fund Heaven-sent Capital Management and a further RMB100 million in Series A funding from CMC Capital Partners last May.

Shanghai Joy Network, formerly known as MegaJoy Corporation, was listed on China's National Equities Exchange and Quotations (NEEQ), or the New Third Board, in December of last year. Guo holds an 85% stake in the company. 

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• Topics
• Greater China
• Media
• Fundraising
• Expansion
• China
• Media
• Fundraising
• Fosun Group
• Growth capital