Beijing-based Chinese mobile news aggregator Yidian Zixun – backed by New York-listed Phoenix New Media – has finalized a $112.1-million investment round from the Chinese government fund and two investors, the company announced on November 13.
Long De Cheng Zhang Culture Communication (Tianjin) Co., Ltd and two other investors are expecting to close the funding into Yidian, at an estimated valuation of $1 billion.
Phoenix New Media Ltd, led by CEO Shuang Liu, originated from a leading global Chinese language TV network based in Hong Kong. It provides an integrated platform across Internet, mobile and TV channels in China.
Yidian Zixun, operated by Particle Inc, is a news aggregator, providing content based on the reader’s interest.
“Looking ahead, we will remain focused on market share expansion. By leveraging our professional journalism, cutting-edge technology, extensive partnership resources as well as our branding power, we believe we can maintain our leading position in the highly competitive market,” said Liu.
Yidian received $57.6 million from Phoenix New Media in 2015, two years after Yidian was founded, according to Mattermark.
In the third quarter of 2017, Yidian received the Internet News Information Service license, issued by the Cyberspace Administration of China. This will enable it to operate across PC, mobile and we-media platforms, also known as Wechat official media.