Yuanfudao 猿辅导 raised $1 billion led by Tencent and Hillhouse in a round valued at $7.8 billion. Offering online courses and homework plans to students, Yuanfudao ranked first in China in-app purchases in the education category between January and mid-March, according to mobile app performance tracker App Annie. // Reuters | 36kr
Tencent controlled Huya (NASDAQ: HUYA) by exercising its option, purchasing 16.5 million of Huya’s Class B ordinary shares from JOYY Inc. (NASDAQ: YY) for approximately $262.6 million. Tencent has became the largest shareholder of Huya, increasing its voting power in Huya to 50.1% on a fully-diluted basis, or 50.9% calculated based on the total issued and outstanding shares of Huya, and will consolidate financial statements of Huya. Tencent has already been the top shareholder of Douyu (NASDAQ: DOYU). With its investments in Kuaishou and Bilibili, Tencent has gained a near monopoly in game streaming. // Huya | 36kr
On April 6, Wolfpack, on its short selling research website, issued a report on iQiyi (NASDAQ: IQ) and estimates that “IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%… by overstating its user numbers by approximately 42%-60%.” // Wolfpack