Oriental Pearl invests in Lingang Special Area
Shanghai’s biggest new media group is among several firms investing a total of 20 billion yuan (US$2.85 billion) to set up facilities in the Lingang Special Area, part of the city’s free trade zone, the companies said on Monday.
Oriental Pearl, the new media subsidiary of SMG, the Shanghai Media Group, said it will be investing heavily to build a integrated industrial base covering culture, tourism as well as film and television industry. It will become a “highland” and “demonstration area” for culture and tourism in the Yangtze River Delta, Oriental Pearl said.
Also on Monday, several firms signed with the Lingang Special Area on new projects, with total investment of over 20 billion yuan.
The Lingang Special Area has plans to become a new smart town of openness and innovation, intelligence and ecology, industry and city integration. Many projects covering artificial intelligence and new energy car have located in Lingang, such as Tesla’s new plant in China.
For Oriental Pearl, it’s the latest move for the media giant to diversify business beyond traditional media services, such as integration among culture, tourism and the real property business.
Shares in Shanghai-listed Oriental Pearl closed 10.31 yuan and 1.58 percent higher, compared with the 0.75 percent increase of the Shanghai stock index on Monday. In 2020, Oriental Pearl has surged 10.6 percent this year.
Zhu Zhisong, executive deputy director of the Lingang Special Area's administrative committee, and Liu Xiaofeng, SMG’s vice president, were present at the signing ceremony on Monday.