PPStream Starts New Round of Funding, to IPO
BiaNews, 11/25/09
President Xu Weifeng of Chinese online P2P video service PPS (PPStream) revealed that the company recently began a new round of funding, and could become China's first video-sharing site to make a public listing.
PPStream had previously received USD 30 mln in third-round funding. The company has been profitable since this May, and predicts "very small" losses for this year, and profits for 2010. PPStream's needs for cash are modest at this point; its main interest is reportedly resources it can gain from strategic investors.
In its new round of funding, PPStream seeks to target three categories of investor: traditional media, telecom companies, and internet companies. As the company's operations are currently in a good state, PPStream will not seek large investments. Thus far, PPStream has yet to complete specific plans for this round of funding, and has not decided where it will seek to list.
Keywords: online video funding Xu Weifeng Internet IPO PPStream P2P profit
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