On December 22, 2010, Hunan Culture & Tourism Industry Investment Fund (the “Fund”) was officially established in Changsha, Central China’s Hunan province. The Fund was initiated by such governmental institutions as the Financial Bureau of Hunan Province, the Promotional Department of Hunan Committee, Cultural Bureau of Hunan Province, Tourism Bureau of Hunan Province, People’s Government of Hunan Province, etc., and was co-established with institutional investors such as Shenzhen Fortune Venture Capital Co., Ltd and Hunan High-tech Venture Capital.
The Fund is the first Culture & Tourism Industry Investment Fund with a commitment of RMB 3,000,000,000, which is to be contributed in three installments in the proportion: 3:4:3. The contribution of the first installment is RMB 900,000,000. The Fund will be managed by Hunan Fortune Culture & Tourism Venture Capital Management Co., Ltd. co-founded by Shenzhen Fortune Venture Capital Co., Ltd and Hunan High-tech Venture Capital.
Zhong Lun Law Firm acted as PRC legal counsel for the Fund and provided full legal services to the Fund’s establishment. The professional team was led by Partner Catherine F. Chen.