Chinese video platform iQIYI-backed Strawbear makes stellar HK debut

East China’s Nanjing-headquartered drama series producer and distributor Strawbear Entertainment Group on Friday made a stellar trading debut on the Hong Kong stock exchange with its shares opening 19.05% higher at HK$7 ($0.9). The stock soared 83.67% to close at HK$10.8. 

Strawbear is backed by the Chinese online video platform iQIYI.

Strawbear reached a market capitalisation of HK$4.39 billion ($566 million) after raising a total of HK$975 million ($126 million) in its initial public offering on the Stock Exchange of Hong Kong.

The entertainment group sold 166 million common shares at a price of HK$5.88 ($0.76) apiece.

It attracted a slew of novel cornerstone investors including IDG’s Origin Flair Limited, Asian alternative investment manager Snow Lake Capital, and New York-listed Chinese leading online discount retailer Vipshop Holdings.

Strawbear will deploy the IPO proceeds towards TV series production.   

China Merchants’ China Merchants Securities International along with China Securities International served as the joint sponsors for the deal.

Set up in 2014 by Taiwanese singer and actor Nicky Wu, Strawbear has been engaged in the production and distribution of TV and web series.

Strawbear CEO Xiaofeng Liu remains the largest shareholder with a 43.81% stake in the firm while iQIYI owns 14.68%. iQIYI’s subsidiary Taurus Holdings had invested in Strawbear’s Series A1 in 2018 and A2 round in 2020. 

 

Singapore Reporter/s

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

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

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  • 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. 
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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.