Off the wire
• Former senior legislator stands trial for graft  • Wildfires hit Russia's Far East  • Interview: Xi's visit to usher in new era in China-Poland partnership: ambassador  • Asiatic lion to spend life in zoo for killing 3 persons in W. India  • S.Korea to oblige banks to raise FX liquidity ratio ahead of U.S. rate hike  • 26 stand trial for baby trafficking in east China  • 5 militants killed in Afghan army airstrike  • 1st LD: M5.3 quake jolts northern Japan, no tsunami warning issued  • Australia well placed for infrastructure investment: industry leaders  • First Disney resort in Chinese mainland opens in Shanghai  
You are here: 　 Home

China's SoundCloud-esque Ximalaya valued at 623 mln USD

Xinhua, June 16, 2016 Adjust font size:

The valuation of audio-streaming service Ximalaya shot to 4.1 billion yuan (623 million USD) from 2.6 billion in November 2015, according to an investor.

Shanghai-listed Qingdao City Media Co. Ltd., disclosed the valuation on Wednesday in response to an inquiry by the Shanghai Stock Exchange over its investment in Ximalaya.

It said the valuation was based upon Ximalaya's last round of fundraising in which it invested 60 million yuan for a 1.45-percent stake in Ximalaya.

In November last year, Ximalaya was valued at 2.6 billion yuan, with 4.5 million daily active users and 30 million monthly active users. As of today, those numbers have climbed to 8 million and 45 million, respectively.

Ximalaya is similar to SoundCloud, which was widely reported to be valued at 700 million U.S. dollars following its latest bout of investment -- 70 million U.S. dollars -- from Twitter. Endi