Sequoia Capital China and Perfect World, a Beijing-based culture and entertainment group, have led a new funding round in Zongheng Literature, a Chinese online reading platform backed by Baidu Inc.
No financial details were disclosed, but the round is reportedly worth RMB800 million (US$116 million), according to Chinese media reports. Chinese investors Shengjing Fund and Share Capital also participated.
Founded in 2008, Zongheng was later acquired by Baidu Inc. for RMB191.5 million, and was then merged with two online reading platforms Xiongmao Kanshu and Duoku Reading to form Baidu Literature in 2013.
In 2016, Perfect World repurchased Baidu Literature for RMB1 billion (US$140 million), with Baidu retaining a 20% stake and continuing to provide traffic to support the platform.
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