Baofeng to raise capital
Print Edition
SHENZHEN-LISTED Baofeng Group said it will raise 200 million yuan (US$30.3 million) from a Ningbo-based investment firm in its first round of financing for its new TV business.
Baofeng, whose business covers online video, smart TV and virtual reality glasses, will use the capital to upgrade its smart TV technology with VR and other new features, said the firm which is listed on the Nasdaq-like Chi-Next stock market yesterday.
Ningbo-based Hangcheng Investment will inject the 200 million yuan into Baofeng’s TV business to take a 10 percent stake, valuing the TV business as 2 billion yuan.
Baofeng, which founded the TV business a year ago, aims to create an eco-system for online videos, smart TVs and VR devices to offer consumers integrated services, said Liu Yaoping, Baofeng TV’s CEO.
In July Baofeng estimated its net profit to jump 170 percent to 17.9 million to 19.9 million yuan in the first half of the year, up from 6.64 million yuan a year ago, the firm told the Shenzhen Stock Exchange.
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