AVCJ

Yunfeng, Xiaomi lead $40m round for China’s Jinying

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Yunfeng Capital and Chinese smart-phone maker Xiaomi have jointly led a $40 million Series B round for Beijing Jinying Technology, a China-based online content publisher. Fosun International and SIG Asia also participated.

Beijing Jinying was founded in 2014 by Xiaoqiang Hou, former CEO of Shanda Literature (renamed as Cloudary in 2011). Jinying operates Duyao, a book and movie review mobile app, and Hot Read, a Chinese-language online literature platform.

Hot Read claims to have 3,000 authors on its platform, owning the copyrights of 10,000 books. Duyao has more than 50 million users, and Hot Read has approximately 10 million.

According to AVCJ Research, the company raised a $1 million Series A round from SIG Asia in 2015. Jinying plans to use the new funding to incubate more writers and exploit new intellectual property (IP) from its online content.

China Literature – an online reading platform majority-owned by Tencent – raised HK$8.3 billion ($1.1 billion) in a Hong Kong IPO on Tuesday. The Carlyle Group and Trustbridge Partners invested in the firm in 2014 to support its $729.6 million acquisition of Cloudary. 

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