Chinese esports company Versus Programming Network (VSPN) is reportedly pondering an initial public offering in the US.
According to Bloomberg, the IPO could happen as soon as this year and could raise several hundred million dollars, a source close to the matter told the publication.
The process is still at a very early stage, so details are very scarce at the moment.
VSPN, also known as Xi an Quantum Sports Management Co, was founded in 2016 and is currently headquartered in Shanghai. It also has offices in Indonesia, Saudi Arabia, South Korea, and the US.
It specialises in esports tournaments for titles such as Honor of Kings, PlayerUnknown s Battlegrounds, and Clash Royale.
VSPN reportedly considering IPO gamesindustry.biz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gamesindustry.biz Daily Mail and Mail on Sunday newspapers.
HONG KONG (BLOOMBERG) - A raft of funds and financiers in Asia is leveraging their deal-sourcing capabilities and understanding of US capital markets to jump on one of the hottest bandwagons on Wall Street - special-purpose acquisition companies or SPACs.
Among them are former Deutsche Bank and Lehman Brothers banker Joaquin Rodriguez Torres, who is now talking with more than a dozen companies in the region for his SPAC Poema Global Holdings that just raised US$345 million (S$458.6 million). Others diving into the action include LVMH-backed L Catterton s Asia unit, Hong Kong tycoon Richard Li, Singapore-based health-care entrepreneur David Sin and former hedge fund manager George Raymond Zage.
Chinese gaming firm Quwan Network bags $100m from Matrix Partners China, Orchid
Customers at an internet cafe play online games in Beijing. Photographer:Nelson Ching/ Bloomberg
February 2, 2021
Chinese social gaming and internet company Guangzhou Quwan Network Technology Co.,Ltd has announced the completion of a $100 million Series B round funding from Asia-focused investment firm Orchid Asia and existing investor Matrix Partners China, the latter investor announced on Monday.
Quwan had raised an undisclosed Series A round led by Matrix Partners China in April 2020.
The development comes as China’s esports industry is experiencing dramatic growth with total revenues in 2020 amounting to $1.1 billion, up 15.7% from 2019, according to games & esports market researcher Newzoo.
Chinese esports player VSPN closes $60M Series B+ round to boost its international strategy
Esports “total solutions provider” VSPN (Versus Programming Network) has closed a $60 million Series B+ funding round, joined by Prospect Avenue Capital (PAC), Guotai Junan International and Nan Fung Group.
VSPN facilitates esports competitions in China, which is a massive industry and has expanded into related areas such as esports venues. It is the principal tournament organizer and broadcaster for a number of top competitions, partnering with more than 70% of China’s esports tournaments.
The “B+” funding round comes only three months after the company raised around $100 million in a Series B funding round, led by Tencent Holdings.