With the approval of CPC Jiangsu Provincial Committee and Jiangsu Provincial People’s Government, Jiangsu Culture and Technology Holdings Group Co., Ltd has been formally established. The Provincial Government has recently issued a notice, making specific arrangements regarding the establishment of the Group. 

The notice specifies that Jiangsu Culture and Technology Group is built upon the former Jiangsu Guojin Group Information Network Investment Co., Ltd, and is a provincial state-owned cultural enterprise with its leadership managed by CPC Jiangsu Provincial Committee. It runs under a coordinated and efficient regulatory system with well-defined accountability where the Publicity Department of CPC Jiangsu Provincial Committee provides guidance to its industrial management and business operation; Jiangsu Provincial Department of Finance serves as its sponsor according to law; and both the authorities act as watchdogs for its state-owned assets. The Provincial Department of Finance will pay the capital contribution of 133 million yuan in full, originally subscribed by Jiangsu Guojin Capital Operation Group for Guojin Network Company, and will see to it that the 300 million yuan of registered capital of Jiangsu Culture and Technology Group will be paid in installments. The corresponding equity will be held by the Provincial Department of Finance.

Regarding the future development, the notice clearly points out that the Group shall follow the Party’s leadership to strengthen the development of the Party organization within the Group, act upon the requirements of the modern corporate system with Chinese characteristics, and remain true to its development principle of “placing social benefits first while pursuing both social and economic benefits”. At the same time, the Group will adopt a standardized corporate governance structure, improve its market-oriented operational mechanism and risk prevention mechanism, develop a strong talent pool, and strive to build a first-class modern culture and technology enterprise with excellence, competitiveness, and influence.

Jiangsu Culture and Technology Group represents a significant step for Jiangsu to deepen the reform of its cultural institutions and and mechanisms and to promote the deep integration of culture and technology. It is expected to play a leading role in areas such as the development of the new-generation radio and television networks and the upgrading of the digital cultural industry, injecting new momentum into high-quality development of Jiangsu’s cultural undertaking and industry.