Hong Kong based Ping An Insurance Overseas (Holdings) Limited, a subsidiary of Ping An Insurance (Group) Company, has led a $75-million Series A funding in Huya, a live video steaming platform owned by YY Inc.
According to the announcement by the NASDAQ-listed YY Inc on May 16, the financing is under a share subscription agreement. The transaction is subject to customary closing conditions.
YY will maintain majority ownership of Huya following the Series A equity funding, as stated in the filing.
YY Inc is a live streaming platform that supports voice messaging, text and video streaming. Their customers are able to create and organize groups of varying sizes for a number of activities including online music and entertainment, online games, online dating and live game broadcasting.
YY’s video-based social networking platform allows users to earn virtual currency by involving in activities such as karaoke and creating video tutorials.
One of its clients, MC Tianyou, a popular broadcasters on YY has made more than RMB10 million annually from the virtual gift sales.
It has generated revenues of $1,182 million in the fiscal year 2016, the company announced.
Its rival Inke, which allows users to watch live video broadcast on an app, a week ago announced that it was to be acquired at lest 50 percent by Shunya International Brand Consulting listed in China.
With its plans to develop marketing solutions, Inke, which has more than 16 million monthly active users, is part of the huge live video streaming market of China which saw a growth of 180 percent from the previous year, Tecnode reported quoting iResearch.
YY (YY Live platform and Huya Broadcasting) alone saw over RMB 7 billion in annual revenue, about 50 percent of the total of over RMB11 billion video live streaming revenue seen out of YY, Tian Ge Interactive, Song Cheng (the parent company of 6.cn) and Momo in China.
Ping An Insurance Group this month announced that it plans to launch a $1 billion international fund to invest in fintech and healthcare startups.