Online radio provider Qingting FM eyeing possible IPO
Despite 'minor losses,' the firm hopes to ward off its major competitor by becoming the first online radio stock in China
Qingting FM, a Shanghai-based online radio service provider, is planning to go public in two to three years, aiming to gain a step on its major competitor, Ximalaya FM, and become the first online radio stock in China, The Paper reported.
Xiao Yi, COO of the company, said Qingting FM has not yet made a profit as it is still in the early stages of increasing it users base, but the losses were “very minor.” It is worth noting that half of the company’s monthly revenue comes from paid content.
Qingting FM has more than 300 million users, including 12 million daily active users, aggregating 3,000 radio broadcasts across the country and more than 12 million hours of podcasts.
Not long ago in May, Dai Zhikang, chairman of Ximalaya FM’s second-largest shareholder Zendai Group, said that the valuation of Ximalaya FM had reached 20 billion yuan, furthering expectations it would list on the A-share market in the near future.