Hupu, a China-based sports marketing and management portal backed by sportswear company Guirenniao, is preparing for an initial public offering in China that could raise RMB420m ($64m), China Money Network reported yesterday.
Founded in 2004, Hupu operates a website featuring news and commentary for a range of sports such as basketball, football and tennis. Users can also discuss topics and watch video clips of games provided by TV channel ESPN. It recorded RMB200m in revenue last year
Guirenniao currently holds a 16.1% stake in Hupu. The two companies also co-run a $313m sports-focused fund named Arena Capital with investment management firm Greenwoods Asset Management.
Greenwoods led a RMB100m series C round for Hupu in 2014, following RMB40m in series B funding provided by private equity firm Haitong Kaiyuan Investment in 2012. Venture capital firm Morningside Ventures supplied an undisclosed amount in series A capital in 2007.