China Science Publishing & Media Ltd

China Cultural Industry Investment Fund Limited Partnership plans to transfer again its 18.5% stake in Beijing Wanfang Data Co., Ltd., with a listing price of 163.76 million yuan, implying an overall valuation of about 885 million yuan for Wanfang Data. The Beijing Equity Exchange recently disclosed that the Cultural Investment Fund intends to transfer 10.73 million shares of Wanfang Data, accounting for 18.5% of total share capital, with a listing period of 20 working days and online bidding with automatic extension. This is not the first time the fund has sought an exit. In July 2024, the stake was listed at 127.55 million yuan without success, and in August of the same year the reserve price was lowered to 115 million yuan, corresponding to an overall valuation of about 620 million yuan, yet still no transferee was found. The current listing price is about 42% higher than the 2024 reserve price. Wanfang Data was founded in 1993 and, together with CNKI and VIP, forms the three major players in the Chinese academic literature database market. Its registered capital is 58 million yuan. The top four shareholders are the Institute of Scientific and Technical Information of China, the Cultural Investment Fund, China Science Publishing & Media, and Ningbo Meishan Bonded Port Area Yongrui Equity Investment Partnership Limited Partnership, holding 49.43%, 18.5%, 15%, and 14.5% respectively. The listing announcement shows that Wanfang Data achieved operating revenue of 541.9879 million yuan and net profit of 63.4303 million yuan in 2025. From January to August 2026, operating revenue was 197.218 million yuan and net profit was negative 65.7283 million yuan, with net assets falling from 568.7599 million yuan to 473.3871 million yuan over the eight months.