Qutoutiao Announces Completion of $100 Million Financing for Midu
October 16 2019 - 4:05PM
Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT),
a leading operator of mobile content platforms in China, today
announced that its subsidiary holding the operations of Midu Novels
and Midu Novels Lite (collectively, “Midu”), has completed Series B
financing in the amount of USD100 million. The financing round is
led by CMC Capital (“CMC”) and followed by Qutoutiao. Midu Novels
has undertaken various product upgrades since July 16, and resumed
regular content updates and commercial activities on October 16.
Mr. Peter Li, Partner of CMC, commented: “With
its pioneering free-to-read model and dedicated execution
capability, Midu has emerged as a leading player in the competitive
online literature market with strong growth momentum. We are
excited about the tremendous market opportunities in the online
literature market and optimistic about Midu’s future.” “We are
happy to see the completion of the transaction and we are confident
in Midu’s long-term growth potential.” said Mr. Eric Siliang Tan,
Chairman and CEO of Qutoutiao, “Midu continues to play a crucial
part in Qutoutiao’s overall content platform strategy. We have a
clear roadmap ahead for Midu, and our objectives of reaching more
than ten million DAUs by the end of the year and becoming the
largest online literature platform in China by 2020 remain
unchanged.” About Qutoutiao Inc.Qutoutiao Inc.
operates innovative and fast-growing mobile content platforms in
China with a mission to bring fun and value to its users. The
eponymous flagship mobile application, Qutoutiao, meaning “fun
headlines” in Chinese, applies artificial intelligence-based
algorithms to deliver customized feeds of articles and short videos
to users based on their unique profiles, interests and behaviors.
Qutoutiao has attracted a large group of loyal users, many of whom
are from lower-tier cities in China. They enjoy Qutoutiao’s fun and
entertainment-oriented content as well as its social-based user
loyalty program. Launched in May 2018, Midu Novels is a pioneer in
offering free literature supported by advertising and has grown
rapidly to become a leading player in the online literature
industry. The Company will continue to bring more exciting products
to users through innovation, and strive towards creating a leading
global online content ecosystem.
For more information, please visit:
https://ir.qutoutiao.net.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Qutoutiao's
beliefs, plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. Further information regarding these and other risks
is included in Qutoutiao's filings with the SEC. All information
provided in this press release is as of the date of this press
release, and Qutoutiao does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.For investor and media inquiries, please
contact:
In China:
Qutoutiao Inc.Investor RelationsTel:
+86-21-6858-3790E-mail: ir@qutoutiao.net
The Piacente Group, Inc.Jenny CaiTel:
+86-10-6508-0677E-mail: qutoutiao@tpg-ir.com
In the United States:
Qutoutiao Inc.Oliver Yucheng ChenE-mail:
oliver@qutoutiao.net
The Piacente Group, Inc. Brandi
PiacenteTel: +1-212-481-2050E-mail: qutoutiao@tpg-ir.com
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