Internet advertising service provider Panshi has recently secured a strategic investment of 401 million yuan (US$58.35 million) from an industrial venture capital fund in Huzhou of Zhejiang province.
Huzhou has been focusing on digital industrialization and industrial digitalization after Zhejiang established the digital economy as its “No. 1 Project” in July 2017. The city has been successful in attracting industrial projects in such sectors as the digital economy, intelligent equipment, energy conservation, and environmental protection.
Panshi said the signing of the investment agreement in June was a milestone for the company in its digital industrialization process among key cities in both China and beyond.
The multinational professional services company Accenture reported in its “China Enterprise Digital Transformation Index” published last September that 80% of Chinese companies were experimenting digital transformation.
Industry analysts said Panshi had received the investment partly due to its good prospects in the huge digital economy market. SMEs and micro-sized enterprises account for 99% of the Chinese cloud services market. Panshi is seen as providing efficient digital services to meet their complex and flexible needs of these SMEs.
The company was founded in 2004 by James Tian and is headquartered in Hangzhou, capital of Zhejiang province. It has branches and offices in Chinese cities such as Beijing, Hong Kong and Shenzhen, as well as 20 other countries such as India, Indonesia, the Philippines, Malaysia, Brazil, South Africa, and Ukraine.