China online radio platform raises $150m

Other investors in the round include China Minsheng Investment Group, Shenzhen Guozhong Venture Capital, and Genimous Technology.

Operated by Shanghai-based Microphone Culture Media, Qingting aggregates third-party radio stations in China and overseas. It features more than 3,000 broadcast stations and offers a variety of audio content including books, music and news reporting. The platform also features personal online channels so users can upload their own programs. In addition, Qingting hires about 15,000 professional broadcasters to host online programs.

Since its incorporation in 2011, the company has attracted 300 million Chinese users globally, with 12 million active daily users.

Qingting initially raised US dollar funding from VC and PE investors including Sinovation Ventures, Chengwei Capital and China International Capital Corporation (CICC). In 2015, it switched to renminbi-denominated funding and removed its variable interest entity (VIE) structure in preparation for an onshore listing. Investors in the 2015 round include Chinese Culture Industrial Investment Fund, Zhejiang Daily Digital, Orient Securities and Chinese video streaming site Youku Tudou.

We Capital targets investments along the media and entertainment value chain. Its debut renminbi fund closed at RMB4 billion and has been deployed across 40 early and growth-stage companies. The firm is reportedly raising its second renminbi fund, having achieved the first close of RMB2 billion. Qianhai FoF and CICC Qiyuan National Emerging Fund are among its LPs. 

Weiying is backed by Tencent Holdings, Dalian Wanda Group and China Cultural Industry Investment Fund. In 2015, it merged with industry peer Gewara, an online ticketing service provider backed by multiple VC investors. 

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• Topics
• Greater China
• Media
• Technology
• Expansion
• China
• Baidu
• TMT
• Growth capital