CICC leads $96m round for Chinese sports site Hupu
Hupu Sports Media, a Chinese language sports information and e-commerce site, has raised a RMB618 million ($96 million) round led by a government-backed fund managed by China International Capital Corporation (CICC).
The vehicle involved - Zhongjin Qiyuan National Emerging Industry Venture Capital Guidance Fund - closed at RMB40 billion last year, having received commitments from the Ministry of Finance and the National Development & Reform Commission, among others. In addition to making direct investments, it backs third-party funds.
Hupu started as an online sports forum and fan community site in 2004 with a focus on basketball. The platform has since expanded to cover a host of popular sports such as football, tennis, and motorsport. It provides live-streams sports events, sells sports equipment, and offers event management services, as well as providing sports news.
The company claims its platform receives 160 million page views every day. The e-commerce division - which recorded over RMB2 billion in sales last year – and the events marketing business currently generate most of Hupu's revenue.
According to AVCJ Research, Morningside Venture Capital invested about $1 million in the company in 2007. This was followed by a RMB40 million Series B round in 2012, led by Haitong Capital Investment. Greenwoods Investment came into a RMB100 million Series C round in 2014, while Shanghai-listed sports equipment manufacturer Guirenniao and Divine Capital committed RMB240 million in Series D funding in 2015.
Hupu intended to list in Shanghai in 2016 through a reverse merger, but the China Securities Regulatory Commission blocked the deal. Local media reported the regulator was concerned about the company's ability to achieve profitability in the long term because it was highly dependent on advertising revenue at the time.
Hupu plans to use the latest capital injection to improve its online platform and develop its own sports events.
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