Venture-Backed Online Sports Portal Hupu.com Seeks Domestic IPO

Shanghai-based online sports information community HuPu.com, backed by Greenwoods Asset Management Ltd., Morningside Ventures and other investors, is seeking a domestic initial public offering to raise RMB420 million (US$64 million).

Shanghai-listed Chinese sporting goods firm Guirenniao Co., Ltd. holds a 16.1% stake in Hupu.com, and the two companies are engaged in strategic cooperation including plans to jointly establish an industry investment fund.

Established in 2004, HuPu.com offers sports information, O2O (online to offline) service, sports marketing and sports management services.

In 2014, Greenwoods Asset Management led a RMB100 million (US$16.1 million) series C round in HuPu.com.

The company previously raised RMB40 million from Shanghai-based private equity firm Haitong Kaiyuan Investment Co., Ltd in 2012, and several millions of U.S. dollars in series A financing from Morningside in 2007.

Even though HuPu.com has tried to diversify its businesses, it still relies on income from advertising, which accounts 60.78% of its 2015 annual revenue of RMB200 million.