<article>Venture capital firm <a href="https://www.dealstreetasia.com/tag/IDG-Capital/">IDG Capital</a> has led an RMB500 million ($73 million) investment into iQiyi Sports, the sports platform of Chinese online video firm iQiyi, according to Chinese media reports.</article>

Venture capital firm <a href="https://www.dealstreetasia.com/tag/IDG-Capital/">IDG Capital</a> has led an RMB500 million ($73 million) investment into iQiyi Sports, the sports platform of Chinese online video firm iQiyi, according to Chinese media reports.
Local private equity firm Huiying Borun also participated in the round.
iQiyi and Super Sports Media Inc. earlier announced the establishment of a joint venture company, Beijing Xinai Sports Media Technology, to operate the iQiyi sports platform.
IDG Capital picked up a 13.33 per cent stake in Xinai Sports for RMB400 million ($58.6 million), while Huiying Borun took a 3.33 per cent stake for RMB 100 million ($14.6 million).
This is the first financing raised by Xinai Sports and values it at about RMB3 billion ($439 million).
“IDG Capital is one of the earliest investment institutions in the sports industry in China… We believe that iQiyi Sports will have a bright future with Super Sports’ rich operational experience and iQiyi’s visitor volume,&#8221; said IDG Capital Partner Li Jianguang.
iQiyi is a Netflix-style video streaming service owned by Chinese search giant Baidu. It recently raised $2.25 billion in its US initial public offering.
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Local private equity firm Huiying Borun also participated in the round.

IDG Capital leads $73m investment in iQiyi Sports

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IDG Capital leads $73m investment in iQiyi Sports

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