In April 2009, the Chinese Cultural Industry Investment Fund was approved by the National Development and Reform Commission, with a fund scale of 5 billion yuan, becoming the first private equity fund for cultural industries approved by the National Development and Reform Commission.

The fund's main sponsors and investors include Wen Hui Xinmin United Newspaper Group, Shanghai Oriental Huijin Cultural Industry Investment Co., Ltd. controlled by Shanghai Oriental Media Group Co., Ltd. (SMG, formerly Shanghai Wenguang News Media Group), CDB Finance Co., Ltd. under China Development Bank, Shanghai Volkswagen Group Capital Equity Investment Co., Ltd. under Shanghai Volkswagen Public Utilities (Group) Co., Ltd., Shenzhen Tianzheng Investment Co., Ltd. under China Merchants China Fund, and broadband capital.