China: CICC leads $95m funding round in Hupu Sports

Visuals taken from Wikimedia Commons

Hupu Sports (Shanghai) Media Ltd, a sports-focused website, has raised RMB618 million ($95 million) in its latest funding round led by China International Capital Corp (CICC), according to a China Money Network report.

The round reportedly brings the company’s valuation over $1 billion, marking the creation of the latest unicorn in China.

Hupu, founded in 2007, operates a website that offers sports-related information, live streaming, e-commerce for sports equipment, communities and event management services.

It boasts over 160 million pageviews per day and reported a total transaction value of RMB2 billion ($300 million) via its e-commerce channel in 2017.

Hupu raised RMB240 million ($37 million) in a Series D round from Quansheng Investment in 2015 and RMB100 million ($16 million) in a Series C financing round led by Greenwoods Asset Management in 2014.

After completing Series C, it joined Greenwoods to form a sports-focused investment firm Arena Capital, whose portfolio includes shared gym operator Supermonkey and boxing event firm Kunlun Fight.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.