(Yicai Global) Aug. 8 -- The Paper has secured CNY400 million (USD59 million) from culture-related investment fund Shanghai Cultural Industry Development Investment Fund Management in its latest financing round, the Chinese online news outlet said today.

The cultural industry fund manager is now the second-biggest stakeholder in the news outlet’s operator Shanghai Dongfang Newspaper, The Paper said, although it did not mention the amount of equity held. Shanghai United Media Group, which had a 82 percent stake before this round, remains the majority shareholder.

The funds from the B-series will be used to accelerate The Paper’s positioning as a global Internet-based new-type media, it said. Rumor has it that it will add new content, such as a Chinese and English-language version of its ‘Fact Paper,’ as well as start a technology-related channel, an ecological lab and many other projects.

The launch of The Paper in July 2014 marked the transition of Chinese traditional media to mobile and Internet-based media.

Shanghai Cultural Industry Development is a large culture-related investment fund set up by the Shanghai government, the government of Pudong New Area and Shanghai Industrial Investment Holdings with a scale of CNY12 billion (USD1.8 billion).

Editor: Kim Taylor