Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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

TRENDING
In Depth: How Baoshang Takeover Shook Secretive Corner of Bond Market
Mengniu Dairy Announces Olympics Deal Amid Spat With Rival Yili
New Funding Values Chinese Artificial-Heart Maker at 1 Billion Yuan
LATEST
Embattled ZTE Says It Has Inked 25 5G Commercial Contracts
Japanese Investors Can Now Buy Chinese Stocks
China Mobile Unveils Detailed Plans for ‘World’s Largest 5G Network’
Huawei Mate 20 X Phone Gets Ahead in 5G License Race
Money-Losing Video Platform iQiyi Hits Record 100 Million Subscribers
FedEx Sues U.S. Commerce Department Over Huawei Parcel Incident as China Demands Answers
Chairman of Troubled LeEco Affiliate Steps Down
Shenzhen Sets Record for Daily Land Sales as Housing Market Booms
Former Principal Arrested After Teacher's Remains Found Under School Grounds
China Goes Bananas for Bananas
State-Owned Dongfeng Motor Joins New-Energy Fund as Subsidy Cuts Loom
Coat Maker Bosideng Falls Most on Record After Short Seller Report
Baidu Offers More News Search Options After Journalist Accuses It of Bias
Mengniu Dairy Announces Olympics Deal Amid Spat With Rival Yili
China Literature Eyes Southeast Asia Expansion
New Funding Values Chinese Artificial-Heart Maker at 1 Billion Yuan
In Depth: How Baoshang Takeover Shook Secretive Corner of Bond Market
China Railway Signal Gets Green Light to List on Nasdaq-Style Tech Board
Huawei Rolls Out New Kirin Chip for Mid-Range Phones
Man Behind $10 Billion Internet Finance Fraud Case Gets 15 Years
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
Copyright © 2019 Caixin Global Limited. All Rights Reserved.