Chinese biggest audio sharing platform Ximalaya FM is rumored to have restored its VIE structure in a move that is widely translated as a step towards an overseas listing, according to media outlet IPO Zaozhidao.

According to the news, the podcaster received a combined investment of $460 million at a $3.4 billion valuation from investors like Primavera Capital Group, Tencent, General Atlantic, Huatai Securities, Goldman Sachs, and New Horizon Capital.

Ximalaya responded to local media by denying IPO plans. However, the firm did not deny that fundraising in progress—it only emphasized that the funding size is inaccurate. Reports prior to new funding news put Ximalaya’s valuation at $2.94 billion.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.