China’s $20B News Leader Toutiao Under Siege By Government and Rivals

Watching a stern Mark Zuckerberg testify before the U.S. Congress is a reminder how China’s tech companies, despite differences in economic structure and technological sophistication, follow similar trajectories with their American counterparts. Toutiao, China’s biggest personalized news app with a US$20 billion valuation, is experiencing a similar crisis these days as government and competitors attack its core business model.

Sequoia China, CMC Holdings Establish Sports Investment Fund

Sequoia Capital China and CMC Holdings, an investment holding company founded by Chinese media mogul and former Shanghai Media Group chief Li Ruigang, have jointly established a sports investment fund to back and consolidate global premium sports assets. The fund has completed a first closing, the companies said today, but did not disclose any financial details. The vehicle has already led a series A financing round for Chinese boxing event operator and video platform Beijing Wanmingyang Media. It also invested …

China’s LeSports Defaults On Asian Soccer Broadcasting Contract

The saga at once high-flying Chinese Internet company LeEco continues. The latest sign of financial distress at the Beijing-based tech conglomerate is that its sports unit has lost the rights to web broadcast Asian Football Confederation soccer games in mainland China after missing payments on a US$100 million contract.