Students get $48m backing for multimedia television project

Shimeile Technology Development revealed this week that it has secured an investment of 52.5 million yuan (about HK$48.9 million) from the Shanghai Number One Department Store Group, as venture capital to produce a multimedia projection television.

According to the Beijing Daily, the investment will be split into two portions.

Shimeile, which has registered capital of 500,000 yuan, will receive 2.5 million yuan from Shanghai Number One Department Store which will then hold a 20 per cent stake.

Once the interim tests have been completed, Shanghai Number One Department Store will invest the remaining 50 million yuan and increase its stake to 60 per cent.

Since its founding in April, Shimeile has attracted much attention from the media as the first business to be run by students from Qinghua University.

The multimedia projection television weighs about 5 kilogrammes and can project images from television channels, DVD, VCD, video tapes, and computer images and other digitised formats, while allowing reception of international broadcasts over the Internet.