Shenzhen Capital Group Co., Ltd. (Shenzhen Capital) joined hands with XiĄŻan Economic Technology Investment Guarantee Co., Ltd. (Xi'an Economic Technology) and Xi'an Tourism Shareholding Co., Ltd. (Xi'an Tourism) to co-establish an investment company and a management company, which got licensed from local administration for industry and commerce on June 24.

The above three investors established Xi'an Red Earth Venture Capital Co., Ltd. (Red Earth VC) with RMB100M registration capital. Shenzhen Capital, Xi'an Economic Technology and Xi'an Tourism hold 35%, 30% and 35% stakes respectively.

Meanwhile, Shenzhen Capital, Xi'an Tourism and Shenzhen Innovation Gonghui Venture Capital Management Consultancy Co., Ltd. (Gonghui Management) co-established Xi'an Xilv Innovation Investment Management Co., Ltd. (Xilv VC). Xilv VC was entrusted to manage the Red Earth VC.

Xi'an Tourism said: "To launch Red Earth VC and Xilv VC is the first step for the enterprise to conduct indirect investment and M&A, providing a new channel for its further development."