On the first day of the Year of Rabbit, a huge VC investment deal was announced. Chinese P2P Streaming company, PPLive got several hundred million USD investment from Softbank, said its CEO Vincent Chuang Tao in his personal microblog.

While not disclosing the actual sum, Vincent, who is a former Microsoft executive, said the amount is greater than what Youku raised in its IPO, which was about US$233 million.

Found in 2005, the P2P Streaming service allows users to watch video online, most of which are movies and TV drama. For a long time, the legitimacy of PPLive is questionable, as much of the content it carried are pirated. Although the service is extremely popular in China, it was not a darling of VC investors until recently. Maybe Softbank thought if Youku, which has the same piracy issue, can go IPO in the U.S., PPLive should have no problem, either.

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Sherman So

Author of Red Wired: China's Internet Revolution, the first book to completely survey the nature of China's internet. (http://redwiredrevolution.com/) She previously was the lead China technology reporter...