- Online media site Mango TV is available only in China.
- Operated by popular broadcaster Hunan TV, the company will be acquired by listed firm Happigo Home Shopping.
- A recent equity placement valued Mango TV at US$2 billion.
Chinese new media firm Mango TV has announced plans to list via a reverse merger with TV shopping firm Happigo Home Shopping.
Mango TV is operated by Hunan TV, the broadcast and film group that is China’s second most-viewed after CCTV.
It’s home to some of the most popular entertainment shows in China, including Super Voice Girls, Happy Camp, and Where Are We Going, Dad?.
The company is seeking a backdoor listing on the Shenzhen Stock Exchange after announcing plans to be acquired by listed company Happigo Home Shopping Co., Ltd.
Hunan Satellite TV will inject seven subsidiaries into Chinese TV shopping firm Happigo Home Shopping, according to a disclosure filing on Monday,
Included in the seven subsidiaries are entertainment content production, distribution, games and e-commerce firms operated by Hunan Satellite TV.
Happigo Home Shopping was co-founded by Hunan Satellite TV and Hunan province’s broadcasting group in 2005.
The company said it would use funds raised to improve content production, marketing and upgrade the overall user experience of Mango TV viewers.
In late June, Mango TV completed an RMB 1.5 billion (US$228 million) new funding round with a post-money valuation of RMB 13.5 billion ($2 billion), according to local media.
Local media reported at the time that some of the investors included several state-owned private equity funds.
In early 2015, Mango TV signed a multi-faceted alliance with Lionsgate that included a commitment to put up a quarter of Lionsgate’s production budgets over the next three years.
Later in the year, the company also signed a co-operation pact with BBC Worldwide.