TCB in RMB: Yang Mi’s Studio Jiangxing Media Raises $37 million

Yang Mi’s studio Jiangxing Media raised $37 million

Jiangxing Media, partially owned by Chinese actress Yang Mi, announced it has secured RMB 250 million ($36.8 million) worth of new shares from Zhejiang-based Perfect World Investment & Holding Group on the New Third Board, China’s stock market for start-ups. It brings the studio’s market capitalization to RMB 4.75 billion ($700 million).

Also known as Jay Walk Studios, the company has produced several hit shows that starred Yang Mi, including Eternal Love and Translator.

Three months ago, the studio originally planned to raise more, RMB 275 million ($39.84 million). The large number was questioned by securities regulators.

Momo rises on increasing number of paid users for live streaming

Despite a dip in the Dow Jones last week, many of Chinese tech stocks went up. One of China’s leading social apps, Momo, went up most, with an increase of almost 3 percent last Tuesday.

With about  85.2 million monthly active users, Momo reported total net revenues of $265.2 million in 2017 Q1, up 421 percent from the same period a year earlier.

Momo’s rapid growth is largely driven by its live streaming, which generated revenues of $212.6 million in Q1, 80.2 percent of its total net revenues. Momo said its great performance in live streaming is due to the increase in paying users, which reached 4.1 million in Q1.

China’s television maker Kukai received investments from Tencent

Kukai, a subsidiary of one of China’s biggest television manufacturers Shenzhen Chuangwei, announced to received a new investment of RMB 300 million ($44 million) from China’s internet titan Tencent.

Kukai produces “internet TV” for online video streaming. Tencent operates China’s second biggest online vide streamer, Tencent Video, which has garnered 425 million individual installations as of this January. With Tencent on board, Kukai is able to access to Tencent’s plentiful video sources.

China’s biggest video-streaming platform iQIYI, backed by search engine Baidu, also saw the potential of Kukai, pouring RMB 150 million ($22 million) into the TV maker last September.