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
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
In Depth: Is China’s Animation Industry Ready to Take Off?
LATEST
In Depth: Is China’s Animation Industry Ready to Take Off?
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
China Evergrande Plans to Build Electric Cars, Batteries in Qingdao
Terry Gou-Backed LCD Panel Plant Seeks Cash Injection
Self-Driving Taxi Industry to Hit Key Inflection Point Next Year, Insider Says
Video App Kuaishou Mulls U.S. IPO, Raises Funds at $25 Billion Valuation
London Stock Exchange Bid in the Works For Long Time: HKEx Chairwoman
Chinese Investors React Coolly to Signs of Easing Trade Tensions
Kweichow Moutai Toasts Long-Term Partnership With Chinese Genomics Giant
After Opening Gates to Outside Food, Disney Clarifies What Is and Isn’t Allowed
Chinese Scientists Edit DNA in Attempt to Cure Man’s Cancer, HIV
China's Electric-Car Sales Drop for Second Straight Month
Fosun Biotech Unit Henlius Aims to Raise $477 Million in Hong Kong IPO
Huawei Drops Case Against U.S. Over Detained Telecom Gear
Chinese Netizens Cheer as Apple Compares Itself With Huawei for the First Time
World-Leading Crypto Platform Tightens Grip on HK-Listed Entity
The Factory Breeding Bloodsucking Mosquitos to Fight Disease
The Tough Transition Facing China’s Money-Market Funds
Tencent-Backed Secondhand Goods Trading Platform Secures $300 Million in Series B
Huawei Says U.S. Needs to Talk to Company for China Trade Deal
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