<article><a style="color: #000080;" href="http://www.jiemian.com/" target="_blank">Jiemian</a>, a Chinese news media starts, has closed a US$45 million Series B investment in a round led by <a style="color: #000080;" href="http://www.bloomberg.com/profiles/companies/0687904D:CH-kunlun-trust-co-ltd" target="_blank">Kunlun Trust</a>, a <a style="color: #000080;" href="http://dealstreetasia.com/tag/petrochina" target="_blank">PetroChina</a> subsidiary.</article>

<a style="color: #000080;" href="http://www.jiemian.com/" target="_blank">Jiemian</a>, a Chinese news media starts, has closed a US$45 million Series B investment in a round led by <a style="color: #000080;" href="http://www.bloomberg.com/profiles/companies/0687904D:CH-kunlun-trust-co-ltd" target="_blank">Kunlun Trust</a>, a <a style="color: #000080;" href="http://dealstreetasia.com/tag/petrochina" target="_blank">PetroChina</a> subsidiary.
The news media publication, which describes itself as providing content on technology and business news that caters to “independent thinkers”, will see Kunlun Trust secure a stake in a media company.
This investment by Kunlun Trust secures its stake in a small media corporation that has a growing audience, with Jiemian claiming 5 million daily readers and 90 million monthly unique users. The investment comes at a time when PetroChina, the largest oil company in China by output, has <a style="color: #000080;" href="http://www.wsj.com/articles/petrochina-net-profit-plunged-nearly-70-in-2015-1458728573" target="_blank">reported net profit declines of 70 per cent in 2015</a>.
According to the Wall Street Journal, PetroChina would be reducing capital expenditures by 5 per cent to 192 billion yuan (US$30 billion) for 2016. This comes amidst falling earnings as sustained low oil prices and asset impairments reap their toll on PetroChina.
According to Jiemian, proceeds from this will see the firm expand rapidly, with a focus on talent acquisition that sees it ambitiously aim to have more reporters on staff than other business-focused media outlet in China, with a focus on venture capital news reporting as well.
It also plans to expand into new media formats, with $15 million set aside for expansion into original video and audio content. Jiemian apparently aims to  launch three new multimedia products as early as August 2016, in a highly competitive media market.
The Kunlun investment signals confidence about the long-term potential of content businesses that can engage readers and and comes at a time when <a style="color: #000080;" href="https://www.cbinsights.com/blog/big-media-startup-investments/" target="_blank">large corporate enterprises are investing significantly in the space</a>, based on CB Insights data compiled as of September 2015.
<a href="http://www.dealstreetasia.com/wp-content/uploads/2016/07/Investment-activity.png" rel="attachment wp-att-46498"><img loading="lazy" decoding="async" width="800" height="458" class="aligncenter size-full wp-image-46498" src="http://www.dealstreetasia.com/wp-content/uploads/2016/07/Investment-activity.png" alt="Investment-activity" srcset="https://media.dealstreetasia.com/uploads/2016/07/Investment-activity.png?w=800 800w, https://media.dealstreetasia.com/uploads/2016/07/Investment-activity.png?resize=768,439 768w" sizes="(max-width: 800px) 100vw, 800px" /></a>
However, it should be remembered that news reader ventures &#8211; ventures which amid to aggregate and present news content in differentiated methods &#8211; have been <a style="color: #000080;" href="https://www.cbinsights.com/blog/news-reader-apps/" target="_blank">in decline as of December 2015</a>.
With many Chinese technology majors like Sina, Tencent, Netease and Alibaba operating major online news portals that cover the same subjects as Jiemian, as well as independent players and print media with digital media elements, Jiemian is apparently seeking to burn cash in an &#8216;Uberesque&#8217; manner to gain market share.
However, Tech in Asia <a style="color: #000080;" href="https://www.techinasia.com/chinese-media-company-raised-millions-chinas-oil-giants" target="_blank">notes</a> that such a strategy may lack viability, given that &#8220;cross-posting stories reported by other outlets is both legal and an accepted common practice in China&#8221;, while concurrently grappling with issues of content quality, in order to attract, retain and grow their readership.
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Media outlet Jiemian has closed a US$45 million Series B investment in a round led by Kunlun Trust , a PetroChina subsidiary. 

China: Jiemian closes $45m Series B in round led by Kunlun Trust

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China: Jiemian closes $45m Series B in round led by Kunlun Trust

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