Chinese brokerage firm Industrial Securities Co. has led a RMB1 billion (US$140 million) series B round in Panda TV, a live streaming platform launched by Wang Sicong, the son of China's richest man, Dalian Wanda Group chairman Wang Jianlin.
A number of RMB funds including Bright Stone Investment Management, a subsidiary of Bright Stone Innovation Investment Group Co. Ltd, Hanfor Capital Management Co., Ltd., and Lighthouse Capital Group also participated in the round.
The investment comes one day after Panda TV's competitor Huajia, backed by Qihoo 360 Technology Co. Ltd. and other investors, raised a RMB100 million (US$14 million) round from live social video platform Tian Ge Interactive Holdings Ltd.
Chinese companies often engage in "competitive fundraising," announcing larger financing rounds shortly after competitors announce cap...
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