Trading Culture in Shanghai
China has established an exchange devoted entirely to trading in companies that own or deal with culture. The Shanghai Cultural Equity Exchange (“SCEE”), whose investors include the Shanghai United Assets and Equity Exchange, Jiefang Daily Group and Shanghai Jingwen Investment Co., Ltd., was established with the approval of Shanghai Municipal Government in June.
SCEE is expected to be a platform for the trading of property rights, creditors’ rights, equities, and intellectual property associated with cultural assets. Trading will cover a wide range of cultural products, services, and companies operating in the press, publishing, film, television and Internet sectors, among others.
In accordance with the “Measures of Shanghai Municipality for the Management of Property Rights Exchange”, SCEE will provide services such as consulting, public announcements, transaction structuring, and project financing related to the cultural assets exchange. SCEE will administer transactions in a manner similar to other assets and equity exchanges in China, which typically involve a public bidding process and negotiated transfer facilitated by exchange rules and procedures.
