Shanghai Canxing Cultural and Broadcast Company Revenue, Valuation, Funding & Investors

Shanghai Canxing Cultural and Broadcast Company is valued at $2.5B as of July 2018, a 79.5x multiple on its last reported $32M revenue.

Last Shanghai Canxing Cultural and Broadcast Company valuation

$2.5B

Series B · Jul 2018

Last Shanghai Canxing Cultural and Broadcast Company funding round

$54M

Series B · Jul 2018

Shanghai Canxing Cultural and Broadcast Company revenue

$32M

Series B · Jul 2018

Key investors in Shanghai Canxing Cultural and Broadcast Company

Shanghai Canxing Cultural and Broadcast Company Overview

About Shanghai Canxing Cultural and Broadcast Company

Shanghai Canxing Cultural and Broadcast Company is a Shanghai-based producer of television programs under the Starry Production brand. As a subsidiary of Star China Ltd., it creates variety shows and content for broadcast networks, headquartered in Shanghai with operations across China, accessible at canxingmedia.com.


Founded

2006

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Services

Revenue

$32M (Jul 2018)

Valuation

$2.5B (Jul 2018)

Shanghai Canxing Cultural and Broadcast Company Valuation

Shanghai Canxing Cultural and Broadcast Company is currently valued at $2.5B, based on its Series B in July 2018.

The $54M round was led by Alibaba Group and Tencent.

Shanghai Canxing Cultural and Broadcast Company's valuation has grown 3.5x from $725M at its strategic investment round in March 2016 to $2.5B in July 2018, across 2 priced rounds.

Shanghai Canxing Cultural and Broadcast Company valuation by funding round

Revenue multiple
Shanghai Canxing Cultural and Broadcast Company valuation by funding round
DateStageValuationRevenue Multiple
Jul 2018Series B$2.5B79.5x
Mar 2016Strategic investment$725M22.7x

Shanghai Canxing Cultural and Broadcast Company Revenue

Shanghai Canxing Cultural and Broadcast Company's latest recorded revenue is $32M, as of its Series B in July 2018. At a $2.5B valuation, that implies a 79.5x revenue multiple.

Revenue moved from $32M in March 2016 to $32M in July 2018, while the revenue multiple moved from 22.7x to 79.5x.

Shanghai Canxing Cultural and Broadcast Company revenue by funding round

Shanghai Canxing Cultural and Broadcast Company revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2018$32M$2.5B79.5xSeries B
Mar 2016$32M$725M22.7xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Shanghai Canxing Cultural and Broadcast Company Funding History

Shanghai Canxing Cultural and Broadcast Company has raised a total of $3.3B across 3 funding rounds.

Shanghai Canxing Cultural and Broadcast Company's first fundraising round was a $46M strategic investment round in March 2016. The most recent completed round was a $54M Series B in July 2018.

Shanghai Canxing Cultural and Broadcast Company funding rounds

Shanghai Canxing Cultural and Broadcast Company funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2018Series BAlibaba Group (lead); Tencent (lead)$54M$2.5BShanghai Canxing Cultural and Broadcast Company is a China-based television content producer best known for talent shows such as Voice of China and So You Think You Can Dance. Founded in 2010 by TV broadcaster Star Group (47% stake) and media holding company Chinese Culture Group (53% stake), it signed a joint production deal with Syco in late 2016 and had plans to go public in 2018. In July 2018, Alibaba Group and Tencent invested RMB360m ($52.6m-$53m), with Alibaba contributing $29.2m (RMB200m) for 1.17% stake and Tencent RMB160m via Tibet Qiming Music for 0.94% stake, at a post-money valuation of approximately $2.5bn (or $2.49bn per filing). This round followed a March 2016 investment by Zhefu Holding Group of ~$46m for 6.1% stake and a December 2017 Series A of RMB21bn ($3.2bn valuation per Yicai Global). The investment reflects Alibaba and Tencent's interest in content for their platforms, despite being rivals, as they also co-invested in China Media Capital and eyed WPP’s Chinese unit. Canxing produces music and dance shows, owns a record label with over 120 artists, but faced trademark disputes over Voice of China IP, leading to its sale to Zhejiang Talent Television & Film Co.
Dec 2017Series A-$3.2B-Shanghai Canxing Culture & Broadcast Co., a leading Chinese variety show producer known for introducing 'The Voice of China' and other popular programs like 'China's Got Talent', completed an A-round funding in December 2017 valued at CNY21 billion (USD3.2 billion). The round aimed to optimize shareholder structure ahead of a planned IPO, with funds to support expansion into music, livestreaming, and tourism. Earlier, in March/April 2016, Zhefu Holding Group invested CNY300 million for a roughly 6% stake, implying a CNY5 billion valuation at that time. The company reported CNY221 million in operating revenue and CNY728 million net profit in 2015. Formed in 2010 by Star Group and Chinese Culture Group, Canxing shifted toward original content after losing 'Voice of China' rights in 2016. The 2017 valuation marked a four-fold increase from 2016, reflecting growth in its music label with 120 artists and over 300 global concerts since 2012.
Mar 2016Strategic investmentZhefu Holding Group Co (lead)$46M$725MShanghai Canxing Cultural and Broadcast Company, founded in 2006 (with roots traced to 2010 joint venture between Star Group and Chinese Culture Group), is a leading Chinese variety show producer known for adapting international formats like China's Got Talent, The Voice of China, and King of Masked Singer. The company produces talent shows, music challenges, owns a music label with 120 artists, and has staged over 300 concerts worldwide since late 2012. In March/April 2016, hydropower and electrical equipment maker Zhefu Holding Group invested CNY300 million (approximately $46 million) for a 5.82% to 6.07% stake, implying a post-money valuation of around CNY5 billion. Shanghai Xingtou Investment Co. holds the largest stake at 65.68%. For the year 2015, near the funding date, Canxing recorded CNY221 million in operating revenue and CNY728 million in net profit, as disclosed in Zhefu Holding Group's filing. Post-2016, Canxing pursued further growth including a 2017/2018 round from Alibaba (RMB ~200m, $29.2m) and Tencent (RMB160m), valuing it at approximately $2.5 billion, and a later A-round at CNY21 billion ($3.2 billion) to optimize structure ahead of IPO plans on ChiNext. It reorganized into a joint stock company in July 2016 with RMB360 million registered capital and acquired MXQY for RMB2.08 billion based on a 2015 valuation, generating RMB1.97 billion goodwill.

Who has invested in Shanghai Canxing Cultural and Broadcast Company?

3 investors have backed Shanghai Canxing Cultural and Broadcast Company across its funding rounds, including Tencent, Alibaba Group and Zhefu Holding Group Co.

Lead investors include Alibaba Group, Tencent and Zhefu Holding Group Co.


Shanghai Canxing Cultural and Broadcast Company Investors

Investors in Shanghai Canxing Cultural and Broadcast Company by funding rounds participated
InvestorHQRoundsRoleFirst check
Zhefu Holding Group CoChinaHangzhou1LeadMar 2016

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Shanghai Canxing Cultural and Broadcast Company Competitors

Shanghai Canxing Cultural and Broadcast Company competitors include listed companies like Toei Co., COL Global, China Literature and Prime Focus, and private ones like Canxing Zhizuo and Suning Sports.

Public and private companies comparable to Shanghai Canxing Cultural and Broadcast Company
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Canxing ZhizuoChinaShanghaiPrivate--$2.5B-
Suning SportsChinaNanjingPrivate--$2.6B-
Toei Co.JapanJapanPublicly listed$1.2B$352M$2.5B2.0x
COL GlobalChinaChinaPublicly listed$247M($78M)$2.6B8.9x
China LiteratureChinaChinaPublicly listed$1.1B($85M)$2.4B1.2x
Prime FocusIndiaIndiaPublicly listed$478M$149M$2.7B-

Shanghai Canxing Cultural and Broadcast Company Public Comps

Shanghai Canxing Cultural and Broadcast Company is still privately-owned, but its public comps include Toei Co., COL Global, China Literature, Prime Focus, Imax, Perfect World Co., TV Asahi, China Star Entertainment, Zhejiang Huace Film & TV and Xinhua Winshare.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Toei Co.$1.2B$352M2.0x2.0x6.9x9.4x
COL Global$247M($78M)10.8x8.9x(34.3x)(2053.7x)
China Literature$1.1B($85M)1.2x1.2x(15.6x)12.2x
Prime Focus$478M$149M6.8x-21.7x-
Imax$410M$130M7.5x6.8x23.5x14.9x
Perfect World Co.$993M$170M2.4x2.1x13.9x10.9x
TV Asahi$2.2B$323M0.7x0.8x5.0x7.9x
China Star Entertainment$52M($52M)43.1x-(42.9x)-

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Common questions about Shanghai Canxing Cultural and Broadcast Company

When was Shanghai Canxing Cultural and Broadcast Company founded?Shanghai Canxing Cultural and Broadcast Company was founded in 2006.
Where is Shanghai Canxing Cultural and Broadcast Company headquartered?Shanghai Canxing Cultural and Broadcast Company is headquartered in Shanghai, China.
Is Shanghai Canxing Cultural and Broadcast Company publicly listed?No, Shanghai Canxing Cultural and Broadcast Company is a private, VC-backed company.
What is Shanghai Canxing Cultural and Broadcast Company's valuation?Shanghai Canxing Cultural and Broadcast Company was last valued at $2.5B in its Series B in July 2018.
How much funding has Shanghai Canxing Cultural and Broadcast Company raised?Shanghai Canxing Cultural and Broadcast Company has raised $3.3B across 3 funding rounds.
What was Shanghai Canxing Cultural and Broadcast Company's last funding round?Shanghai Canxing Cultural and Broadcast Company's last funding round was a $54M Series B in July 2018, led by Alibaba Group and Tencent.
Who are Shanghai Canxing Cultural and Broadcast Company's investors?Shanghai Canxing Cultural and Broadcast Company's investors include Zhefu Holding Group Co, Tencent and Alibaba Group.
What is Shanghai Canxing Cultural and Broadcast Company's revenue?Shanghai Canxing Cultural and Broadcast Company's latest recorded revenue is $32M (July 2018).
What is Shanghai Canxing Cultural and Broadcast Company's revenue multiple?Shanghai Canxing Cultural and Broadcast Company's latest valuation implies a 79.5x revenue multiple ($2.5B valuation on $32M of revenue).
Which companies are comparable to Shanghai Canxing Cultural and Broadcast Company?Companies comparable to Shanghai Canxing Cultural and Broadcast Company include Canxing Zhizuo, Suning Sports, Toei Co., COL Global, China Literature and Prime Focus.

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