News Focus

Social networking live broadcasting APP “www.myhug.cn” recently completed RMB 100 million yuan B+ round financing, led by Meridian Capital as key investor, the investment was participated by multiple investors including Hongfan Tiansheng, Tencent, GGV, Shunwei Capital and K2VC.

Unlike other entertainment category live broadcasting, “www.myhug.cn” is a live broadcasting APP focusing on social networking, the hosts are dominated by white-collars and students, users can access social networking interaction through video live broadcasting, so as to obtain more real-time and more realistic social networking experience. Through host groups, and dynamic sharing functions, www.myhug.cn strengthens social networking attribute, improves users’ fascination and loyalty, which develops differentiation with other media type and show ground type live broadcasting software in terms of market positioning.

Currently www.myhug.cn has several hundred thousand active users each day, users’ male to female ratio is approximately 1: 1, female users are 22 year old on average, male users are 25 year old on average, users are highly active with daily average online duration topping 40 minutes.

Ethan Qian, Director of Meridian Capital, said: “www.myhug.cn has an overall management team with outstanding ability and strong technological competence, compared to other live broadcasting projects, the products have outstanding core competitiveness. The project boasts rich experience in social networking product before its transition to live broadcasting, with considerable accumulation of core users, in combination with the team’s experience in community-based products and one-stop host solutions of www.myhug.cn, its products can demonstrate better accrual effect in social relation and consumption relation, and also stronger cash conversion ability.”