Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Amazon Unveils Its First Solar Power Project in China
Xiaomi Increases Investment in IoT Company
LATEST
Stay-at-Home Blues During Covid-19 Turbocharges Livestreaming Game Streamer DouYu
Tencent Takes 20% Stake in Japanese Video Game Firm
Alibaba, Baidu and Xiaomi Dominate China’s Shrinking Smart Speaker Market
TikTok's In-App Revenue Skyrockets During Lockdowns
Food Delivery Giant Meituan’s Sales Beat Estimates
Xiaomi Increases Investment in IoT Company
Amazon Unveils Its First Solar Power Project in China
China ‘Unlikely’ to Reach Goal of 70% Self-Sufficiency in Chip Production, Report Says
Pandemic Lockdowns Boost Sales on Alibaba, Pinduoduo
Didi to Use AI to Protect Against Covid-19 in Latin America
Nestle to Build Its First Plant-Based Food Factory in China
Alibaba doubles down on smart speakers with $1.41bn investment
Luckin Stock Faces Wipeout in Rush to Sell Before Delisting
Xpeng Wins License to Produce Its Own Long-Range P7 Electric Cars
PUBG and Honor of Kings Are April’s Highest-Earning Games
Weibo Posts Stronger User Growth Even as Revenue Falls Amid Pandemic
Hong Kong Imitation Meat Pork Maker Gets Spammy
Beijing Approves Pony.ai to Test Passenger-Carrying ‘Driverless’ Vehicles
Baidu First-Quarter Revenue Drops 7%, Offset by iQiyi Growth
Sohu Reports Modest Revenue Growth, but Net Losses in First Quarter
Chinese Sports Platform Hupu Gets $182 Million Pre-IPO Financing From Bytedance

By Liu Shuangshuang and Denise Jia / Jun 07, 2019 04:41 AM / Business & Tech

Photo: VCG

Photo: VCG

Leading Chinese sports commentary and news platform Hupu said Thursday that it raised 1.26 billion yuan ($182 million) from Bytedance in advance of its planned initial public offering (IPO).

The deal, which will give Bytedance a 30% stake in Hupu, valued the company at 7.7 billion yuan.

Hupu’s founder and Chairman Cheng Hang remains the company’s controlling shareholder, and Hupu is still pursuing an IPO, the company told Caixin.

Founded in 2007, Hupu provides sports events marketing and management as well as e-commerce and gaming cooperation. It owns the sports site Hupu.com and a retail site for trending sports gear, Shihuo.cn. More than 30 million users had registered on its websites and apps as of March.

Hupu and Bytedance, a Beijing-based internet technology company, have collaborated in the past. After Bytedance became an official global partner of the National Basketball Association (NBA) last year, the two companies co-produced real-time NBA game videos and news.

Bytedance, which is also behind popular news aggregator Jinri Toutiao and video platform TikTok, said it will work with Hupu on content creation and service cooperation.

Hupu first submitted its IPO prospectus in 2015, planning to raise 420 million yuan, but its application was rejected by the securities regulator in 2017. The company filed new IPO paperwork in March.

Related: Chinese Sports Info Platform Prepares to Go Public, Again


Share this article
Open WeChat and scan the QR code