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Investment, Venture Capital

Ping An Insurance Leads $75M Round In Chinese Live Video Streaming Firm Huya

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China Ping An Insurance Overseas (Holdings) Ltd. has led a US$75 million series A round in Huya, a live video streaming platform owned by NASDAQ listed Chinese social networking platform YY Inc.

Banyan Capital, Morningside Venture Capital, Engage Capital, David Li, chairman of YY, and Dong Rongjie, CEO at Huya, also participated in the round.

The investment comes one week after rival Inke was sold at a reported discount to newly listed Shunya International Brand Consulting (Beijing) Co., Ltd., a marketing and communications services firm. Inke, which was valued at RMB7 billion last September, sold 50% of itself to Shunya, reportedly at a significantly reduced valuation, in an all-cash deal. Shunya had only RMB333 million in cash and cash equivalent at the end of the first quarter, and its total market capitalization was only RMB7.2 billion, according to company filings.

Huya, however, is currently the most active live video streaming app in China, with users opening the app 31.4 times a week. YY Live Video is the second most active, while Inke was listed as the fourth most active, according to Chinese research firm Liebao.

Founded in 2014, Huya operates a live streaming platform whose content includes video games, music, sports, entertainment and food.

According to YY’s financial report, the company recorded revenue of RMB2.2 billion (US$329 million) in the first quarter of this year, up 37.4% year-on-year, with Huya contributing RMB382 million (US$55 million). During the same period, Huya’s monthly active users reached 29 million.

Currently, China has nine live streaming platforms with over two million daily active users, including Douyu, Huya and Inke. In 2016, the scale of the live streaming industry in China reached RMB20 billion (US$3 billion), a 180% year-on-year increase, according to iReaserch.

Earlier this month, Cheetah Mobile Inc.’s live video streaming mobile platform Live.me Inc. raised US$60 million from a group of investors including Matrix Partners China, Evolution Media China, Gobi Partners, IDG Capital and Welight Capital.

In January, another competitor, mobile games live streaming platform Chushou TV raised a RMB400 million (US$58 million) round led by GGV Capital and Shunwei Capital.

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