ๅญ่่ทณๅจ12.6ไบฟๅ ๆ่ต่ๆ๏ผๆ่กๆฏไพไธบ30% โ Jiemian
What happened: Sports community platform Hupu has confirmed that it raised RMB 1.26 billion (around $182 million) from Bytedance in pre-IPO funding, media outlet Jiemian reported. This gives Bytedance a 30% stake in Hupu, which has 30 million registered users. Bytedance and Hupu have collaborated prior to the investment. After Bytedance became an official global partner of the National Basketball Association (NBA), Hupu started using Bytedanceโs Xigua Video as the default video platform when redirecting users.
Why itโs important: Bytedance has been trying to build its sports content ecosystem for a while, partnering with sports leagues and clubs such as the WWE, CBA, and UFC. Although the recent investment doesnโt make Bytedance Hupuโs largest shareholder, it could greatly facilitate the growth of sports-related content on Bytedanceโs domestic products such as Jinri Toutiao, Douyin, and Xigua Video. Hupuโs current business includes sports-related content, marketing, and e-commerce.
