Beijing Jinying Technology, the China-based operator of a cultural review app, has raised $40m in a series B round co-led by smartphone producer Xiaomi, Asian Venture Capital Journal has reported.
Xiaomi co-led the round with private equity firm Yunfeng Capital, and it also featured diversified conglomerate Fosun and SIG Asia, an investment fund managed by technology and trading firm Susquehanna International Group.
Jinying is the owner of a book, film and television review app called Duyao as well as an online platform called Hotread that enables users to upload and publish their own literature.
The company, which was founded in 2014, has not publicly disclosed details of its earlier funding.