VivaTech takes the stage as the world's leading event for tech and startups
19 Jun 2023 18:33
The DDMC Group announced yesterday (August 7) that Xin’ai Sports, the newly founded company of DDMC subsidiary Super Sports and iQIYI to run iQIYI Sports, had received CNY500m funding from IDG and Chinese investment company Huiyingborun. The set up of Xin’ai Sports was recently announced the day before on August 6.
IDG’s investment was made through two of its subsidiaries, Hexieanlang and Zhixingbingjin. The two investment companies acquired a 10% and 3.33% stake in Xin’ai Sports respectively. They invested CNY300m and CNY100m respectively, out of which CNY288m and CNY96m were additional paid-in capital. Huiyingborun, a company that is reported to be an affiliated company of DDMC Group, acquired a 3.33% stake in Xin’ai Sports for CNY100m of which CNY96m was additional paid-in capital.
After receiving these fundings, the new structure of the stakeholders in Xin’ai Sports will look like this:
Super Sports (CNY42.5m, 35.42%), iQIYI (CNY38.25m, 31.88%), Beijing Super Sports Huizhi Media Technology (CNY15m, 12.5%), Zhuhai Hexieanlang (CNY12m, 10%), Yu Lingxiao (CNY4.25m, 3.54%), Zhuhai Zhixingbingjin (CNY4m, 3.33%), Huiyingborun (CNY4m, 3.33%). The total capital is CNY120m.
Currently, the company value of Xin’ai Sports is said to be CNY3bn.
Super Sports and DDMC Group are reported to have a bigger control of the company. Super Sports can appoint three members to the board of directors, iQIYI two, IDG one. The Chairman of the board will be selected from the three members appointed by Super Sports and the Vice Chairman from the two members appointed by iQIYI.
Insiders say the A round financing of Xin’ai Sports has not yet been finalized.
Reference: DDMC Group website
Proofread by Raymond Fitzpatrick
Related coverage
Yutang Weekly: What happened in the Chinese sports market (8/12-8/18)
18 Aug 2019
DDMC completes purchase of Super Sports
03 Sep 2018
iQIYI and Super Sports align to create new joint venture in sports online broadcasting
07 Aug 2018
iQiyi Sports sign agreement with Bellator MMA on exclusive broadcasting rights
25 Apr 2019
iQIYI Sports receives further round of CNY350m funding
05 Sep 2018
More from Yutang Sports
SportAccord Bronze Partners Make Their Mark on Global Stage
08 Mar 2024
France’s Golden Decade of Sport
14 Jun 2023
HealthAccord spotlights mental health and female athlete well-being
08 Feb 2024
Reasons why Leading Gold Partner Sport Event Denmark returns to SportAccord every year
08 Feb 2024
Discover why SportAccord plays central role for Silvers in strategic partnerships
22 Feb 2024
Yutang Sports
loading...