Panda TV (熊猫直播), a Shanghai-based game streaming website, has raised RMB 1 billion in series B funding (in Chinese) led by Industrial Innovation Capital Management (兴业证券兴证资本), causing a stir in the sector.

The funding is the largest the live streaming service has raised since it was founded two years ago by Wang Sicong, the only son of China’s second-richest man Wang Jianlin. Earlier the company had secured an eight-digit RMB series A and A+, following an angel round of several million RMB (in Chinese) in November 2015.

Panda TV has positioned itself as an online entertainment live streaming platform with a focus on broadcasting live e-sports. The company claims it has gathered over 80 million monthly active users, with 150,000 active presenters.

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Sheila Yu

Sheila Yu is a Shanghai-based technology writer. She brings readers the biggest news from Chinese language tech media. Reach her at sheila@technode.com.