China’s Yixia completes US$500m financing round amid boom in live streaming video

As the audience reach of China’s fast-growing live-streaming video industry widens, Beijing-based software application developer Yixia.com said it had completed its E round financing of US$500 million, boosting the company’s valuation to US$3 billion.

The money came mainly from online portal Sina.com and other domestic investors, including Shanghai Media Group, iDreamsky Games and Radio and Television Shanghai.

New Industry Investment Fund, set up by China Everbright and Focus Media, and Axiom Asia Private Capital also contributed, according to He Yi, a vice-president of Yixia.

Yixia operates several popular mobile video-sharing and streaming apps, including MiaoPai, used for filming and sharing 10-second videos; XiaoKaxiu, which allows users to dub famous soundbites on their videos; and Yizhibo, Sina Weibo’s live-streaming service that has secured contracts with celebrities.

He said Miaopai and Xiaokaxiu had 70 million active users and more than 1.5 million video uploads, with up to 2.5 billion views daily.

The Chinese market in short video sharing and real-time content consumption was huge, she said. “A growing number of young people, internet celebrities and pop stars are using our platforms to communicate with others and expressing themselves,” she said.