It is rumored that Tencent's Reading Group plans to raise as much as US$800 million this year's IPO

Beijing time on February 6, according to a report by Thomson Reuters 'IFR, people familiar with the matter said that Tencent's online literature platform Reading Group plans to conduct an IPO this year, with a financing scale that may reach US$800 million. Reported that the Reading Group is selecting underwriters and considering Hong Kong as a listing location. One of the people familiar with the matter told Reuters that the Reading Group has not yet set a fund-raising target, and the scale may be between US$600 million and US$800 million.

Beijing time on February 6, according to foreign media reports, people familiar with the matter said that Tencent's online literature platform Reading Group plans to launch an IPO this year, with a financing scale that may reach US$800 million.

Reported that the Reading Group is selecting underwriters and considering Hong Kong as a listing location.

One of the people familiar with the matter told Reuters that the Reading Group has not yet set a fund-raising target, and the scale may be between US$600 million and US$800 million.

Tencent has not responded to media inquiries about the above news.

According to Tencent's 2015 annual report, Tencent holds 66.44% equity of Reading Group. The Reading Group originated from Tencent Literature. In September 2013, Tencent Literature, one of the four major physical businesses of Tencent Mutual Entertainment, was established.

At the 2014 Tencent Mutual Entertainment Annual Conference, Tencent Literature officially announced that it would operate independently as a subsidiary.

The reporter learned that in a few years, Tencent Literature has achieved breakthroughs in content, users, revenue, etc., setting the fastest growth rate in the original industry: the number of daily active users of the platform has exceeded 15 million, and the number of single works and chapters has been subscribed to 100,000, and 40 single works with daily sales of more than 10,000; In addition, Tencent Literature has also cooperated with various partners in an open manner, and has successively achieved the IP development of many works such as "Chosen Heaven","Remains of Sin","Who competes with the League of Legends","The Great Official", and "Once upon a Time There was a Sword Mountain" in the full copyright fields of book publishing, games, animation, film and television adaptations, music production, and peripheral products, becoming an important position of Tencent's "pan-entertainment" strategy.

In January 2015, Tencent Literature and Shanda Literature completed the integration and officially established Reading Group. Wu Wenhui, former CEO of Tencent Literature, and Liang Xiaodong, former CEO of Shanda Literature, became co-CEOs of Reading Group.

The newly established Reading Group uniformly manages and operates online literature brands such as Qidian Chinese Network, Chuangshi Chinese Network, Novel Reading Network, Xiaoxiang Academy, Red Sleeves Tianxiang, Yunqi Academy, Under the Banyan Tree, QQ Reading, Zhongzhi Bowen, and Huawen Tianxia, which were originally owned by Shanda Literature and Tencent Literature, audio listening book brands composed of Tianfang Listening to Books, lazy people Listening to Books, etc., as well as leading mobile APP that carries the above content and services. -QQ Reading.

Data shows that Tencent Literature + Shanda Literature will account for more than half of the market share after the integration. Reading Group has positioned itself as the world's largest authentic Chinese electronic library, the largest IP source in China, and the largest online publishing and e-book company in the mainland.

At present, the Reading Group has a reserve of 10 million works and 4 million creators, covering more than 200 content categories, occupying a dominant share of the domestic IP adaptation market, and has successfully exported adapted works such as "Step by Step","Ghost Blows Out the Light", and "Tomb Robber Notes","Nirvana in Fire", and "Chosen Heaven".

However, these do not satisfy the reading group's "ambition". Wu Wenhui previously stated that the group will significantly expand its content, focusing on adding works other than online literature, and build a large number of content on the Internet in China, including novels, humanities, social sciences, finance, technology, health, etc. The largest authentic content base is to meet the "all-user" needs of all ages and categories.

Not only that, the group also mentioned that it will actively promote the full mobility of products, focusing on QQ reading, and make efforts in the mobile reading market, open up resources inside and outside the group, and create a three-dimensional interactive "omni-channel reading platform" that accommodates reading terminals such as PCs, mobile phones, tablets, and electronic paper books.

Yien.com compiled and released it based on relevant reports from Zhitong Financial Network and the Internet.

Editor: yvette