ByteDance, a $ 182 million investment in Hupu

08/06/2019

 

Hupu, born as a basketball forum in 2004, is now a leading platform for sports content and business

 

ByteDance, Tikok’s app factory and Jinri Toutiao news aggregator, announced it will buy a 30% stake in the Chinese online sports community portal Hupu for RMB 1.26 billion ($ 182 million).

Hupu, who was born as a basketball forum in Chicago in 2004, is now a leading platform for sports content and business. His latest assessment, based on this agreement, is RMB 7.7 billion ($ 1.1 billion).

 

Hupu overlaps the ByteDance Xigua Video and Huoshan Live platforms

 

Hupu’s user base – sports enthusiasts, players and technology freaks – overlaps with ByteDance’s Xigua Video and Huoshan Live platforms. This is confirmed by the founding member of Guangdian Capital Zack Fu.

“They (ByteDance) prefer to invest in the business that can keep users within the Bytedance product array or products that are able to extend their user profiles,” he said.

 

ByteDance’s investment comes after Hupu’s second attempt to become public in Shanghai

 

ByteDance’s investment comes after Hupu’s second attempt to become public in Shanghai; the documents were archived in March and are still being processed. Hupu, for its part, presented its first IPO application in 2015, but was rejected by the market regulator in 2017.

This is not the first time that ByteDance digs his fingers into the world of sport. Last November, in fact, the Beijing-based company signed a multi-year partnership with the National Basketball Association (NBA) to put the latter’s content on the various ByteDance platforms, including TikTok, Douyin, Jinri Toutiao and Xigua Video .

 

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