Sequoia Capital, Perfect World co-invest in Chinese literature site Zongheng

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Sequoia Capital China, and Perfect World co-led a new round of financing in Zongheng, a Chinese literature site that provides vertical and horizontal literature contents. The site is owned by Beijing-based Network Technology Co Ltd.

Sheng King Fund, Guonong brothers, Shegjing360, Share Capital, and several institutions also participated in the strategic investment.

The size of the deal was undisclosed.

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Founded in 2008, Zongheng is a domestic Chinese original literary professional website. It serves as a cultural platform meant to guide the master writers and epic works.

The website features many other brands and resources and provides online reading, offline publishing, animation adaptation, game adaptation, film and television adaptation of the entire cultural industry chain.

“Vertical and horizontal literature in high-quality copyright share, site views and mobile client users, etc, are in the top three positions in the market. In the current era of increasing IP market, the company has always been in the industry leading position,” Zongheng said in its statement.

Zongheng CEO Zhang Yunfan, noted the latest investment is another milestone in the development of the company since its turnaround in 2016.

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Sequoia Capital China Fund partner Zheng Qingsheng said excellent content is the future for a long time on the market scarce resources, literary content as the source.

“With enough to develop the imagination of space, vertical and horizontal literature has excellent management team and a good shareholder structure, Sequoia supports such companies to accelerate the run, have the opportunity to grow into industry leaders,” Zheng said.

Zongheng is now focusing on content purchase, writer training, product development and IP training, and other aspects of investment.

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