China media group CMC raises $1.5 billion from Alibaba, Tencent

SHANGHAI (Reuters) - Chinese state-backed media group CMC Inc said on Tuesday that it had raised around 10 billion yuan ($1.49 billion) in a fund-raising round from investors including rival tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd.

CMC, formerly CMC Holdings which stretches from sports to amusement parks, said the A-round fundraising was led by the two tech firms along with new investors such as property developer China Vanke Co Ltd.

CMC, founded by media magnate Li Ruigang in 2015, added the firm was valued at around 400 billion yuan after the round.

($1 = 6.7026 Chinese yuan renminbi)