A unit of China Merchant Bank led a series C round in Shanghai for the Star48 Culture and Media Group. CMB International Capital Management, the unit, did not provide financial details of the series C round but said the deal was worth hundreds of millions of yuan.
Mature Business Model
The big amount CMB raised for Star48 is because the media group behind SNH48, a very popular Chinese girl band, has a lot of fans who regularly interact with the group which has developed into a mature business model, China Money Network reported. CMB said the deal would be a vital part of its investments in the entertainment and culture industry.
The girl band SNH48, patterned after AKB48, a pop group in Japan, has a lot of female members whose average age is 20. They have regular performances and interact with fans through online and offline events.
Star48, which was established in 2010, represents more than 300 Chinese entertainers. The group was widened its business to include films, TV drama production, TV shows and animated games. In 2014, Star48 raised from Sinovation Ventures millions of yuan in a series A round, followed by an undisclosed series B round from Legend Capital and Sinovation Ventures.
New Music Video from 7SENSES
Hello Asia reported that 7SENSES, a sub-unit of SNH48, released a music video for “Girl Crush” in late April. It debuted at the 24th Chinese TOP10 Music Awards and got the 1st prize in the CCTV Global Chinese Music Chart. The group’s fierce choreography and youthful girl power charm was noticed by fans.
Seven young women comprise 7SENSES who each represent a sense. The members are Akira (taste), Bee (hearing), Diamond (touch), Eliwa (time), Kiki (smell), Lynn (sight) and Tako (soul).