Core Insights - The new cultural brand "ShanHun" has completed its first round of financing amounting to several hundred million RMB, led by Hillhouse Capital with participation from Gao Rong Capital and Cathay Capital [2] - ShanHun was founded in 2023 in Shanghai by Yao Shuo Bin and Sheng Chuan, focusing on an "IP story translator" model that integrates top IP acquisition, card design, channel distribution, and fan operation [3] Financing Purpose - The new funds will be used for a "threefold acceleration": establishing deeper and longer-term co-creation mechanisms with global top IPs, building localized teams and direct channels in North America, Europe, and Southeast Asia, and enhancing investments in digital printing, AI design platforms, and supply chain intelligence [4] Investment Rationale - Hillhouse Capital's partner Li Liang stated that ShanHun's team possesses both IP insight and industrial implementation capabilities, achieving exponential growth in the billion-level card game market, validating the new paradigm of "content as channel" [5] Industry Perspective - The recent financing reflects the rapid transformation of policy dividends into industrial momentum, as multiple government departments have introduced supportive policies for cultural creativity and digital globalization, highlighting the attractiveness of the "culture + technology" sector to patient capital [6]