Shanghai-based China Reading Limited, an online reading and literature platform founded by two Tencent Holdings Limited executives, has made a strategic investment in Chinese podcast sharing app Ximalaya FM, according to an announcement posted on China Reading’s Weibo account.
Details of the investment are not disclosed. The two parties plan to cooperate on sharing online literature intellectual property and creating audio books and other audio programs.
China Reading was founded in January by Tencent’s chief operation officer Ren Yuxin and another executive. The new venture manages all the online reading and literature platforms formerly belonging to Tencent Literature and Shanda Literature.
According to its Weibo account, China Reading just announced a strategic partnership with Chinese smartphone maker Xiaomi Inc., which will incorporate all of China Reading’s digital content in its build-in reading app.
Ximalaya FM reportedly raised series A financing from SIG Asia and KPCB, and US$50 million series B round of funding in 2014.
The mobile app operator claims to have 160 million cumulative users and 38 million monthly active users.