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, ...
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