Wecast to Form Joint Venture with He Ying Private Equity Fund
WECAST NETWORK INC (WCST)
US:NASDAQ Investor Relations:
corporate.wecastnetworkinc.com
Company Research
Source: PR Newswire
NEW YORK, June 16, 2017 /PRNewswire/ -- Wecast Network, Inc. (NASDAQ: WCST) ("Wecast" or "WCST) announced today the formation of a Joint Venture ("JV") called Seven Stars He Ying Smart Cloud ("SSHY"), with Beijing HE YING Fund Management Limited ("He Ying"). The JV, which will be 51% owned by Wecast and be added to the Product Sales Cloud, will focus on several strategic areas using Wecast's burgeoning BASE + VPaaS infrastructure: supply chain finance, supply chain management and financial settlement for both the automotive and commodities industries as well as a global commodity index exchange module based on the NextGen Exchange Group's existing platform, trading system and technology (as previously announced, Wecast recently acquired 51% of NextGen Exchange Group).To facilitate the cross-border supply chain finance segment of the JV, SSHY and Wecast will establish a limited partnership fund in China, with SSHY responsible for raising RMB 50 Billion ($7.4 Billion USD) from investm
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