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- Xinchao Media
Xinchao Media Acquisition, Valuation, Funding & Investors
Xinchao Media was acquired by Focus Media for $1.2B in April 2025, a 4.2x multiple on $278M of revenue.
Xinchao Media revenue at acquisition
$278M
Last twelve months · Apr 2025
Xinchao Media revenue multiple at acquisition
4.2x
EV/Revenue · Apr 2025
Cumulative funding Xinchao Media raised
$768M
across 4 funding rounds
About Xinchao Media
Xinchao Media is a Shanghai-based advertising technology company operating a network of 100,000 community media screens across China. The platform connects brands to local audiences through digital out-of-home displays in residential areas and retail spaces. It leverages data analytics from 500 million daily impressions to optimize ad placements for sales teams. Clients include FMCG giants like Procter & Gamble and Unilever, with tools integrating WeChat mini-programs for interactive campaigns.
Founded
2007
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Advertising, Subscription
Revenue
$30M (Nov 2018)
Valuation
$1.7B (Nov 2018)
Xinchao Media Acquisition
Xinchao Media was acquired by Focus Media for $1.2B on 10 April 2025.
The acquisition price implies a 4.2x revenue multiple on $278M of revenue.
Before the acquisition Xinchao Media had raised $768M across 4 funding rounds.
Focus Media Information Technology Co., Ltd., China's largest outdoor advertising firm with a 14.5% market share in 2024 and a network of digital screens in commercial buildings, shopping malls, and cinemas, announced on April 10, 2025, plans to acquire 100% of Xinchao Media Group Co., Ltd., a Chengdu-based specialist in residential elevator digital screens holding a 3rd-place 2.7% market share, for CNY8.3 billion (USD1.1-1.13 billion). The deal targets shares held by 50 shareholders including chairman Zhang Jixue, a JD.com unit, and Baidu Online, using a mix of share issuance at CNY5.68 per share and cash, implying a 143% premium over Xinchao's CNY3.4 billion net assets as of September 30, 2024. Post-acquisition, Zhang Jixue will join Focus Media as vice president and chief growth officer, with Xinchao becoming a subsidiary to expand residential coverage. The strategic rationale centers on complementing Focus Media's commercial portfolio with Xinchao's residential resources, optimizing ad density, adding high-quality locations, and broadening urban life circle media network amid digital outdoor advertising growth and favorable economic policies. The transaction, approved by Focus Media's board, requires shareholder approval, Shenzhen Stock Exchange and CSRC clearance, anti-monopoly review by SAMR, and other regulatory nods; it constitutes a related-party transaction but not major asset restructuring as Xinchao's 2024 assets (CNY7.794 billion), net assets, and revenue (CNY1.988 billion) fall below 50% of Focus Media's comparables. By late 2025, Focus Media signed a conditional agreement for 9.98% of Xinchao equity from select counterparties for CNY506 million cash, signaling progress amid market optimism over synergies despite client concerns on pricing. Competitive dynamics highlight consolidation in China's elevator ad sector, with Focus Media leveraging its dominance to integrate Xinchao's complementary assets for full mainstream living circle coverage, enhancing client service efficiency over rivalry, as stated by Zhang Jixue.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 10 Apr 2025 | Strategic M&A | $1.2B | 4.2x |
Xinchao Media Valuation
Xinchao Media is currently valued at $1.7B, based on its strategic investment round in November 2018.
The $303M round was led by Baidu.
Xinchao Media valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2018 | Strategic investment | $1.7B | 57.5x |
Xinchao Media Revenue
Xinchao Media's latest recorded revenue is $30M, as of its strategic investment round in November 2018. At a $1.7B valuation, that implies a 57.5x revenue multiple.
Xinchao Media revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2018 | $30M | $1.7B | 57.5x | Strategic 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.
Xinchao Media Funding History
Xinchao Media has raised a total of $768M across 4 funding rounds.
Xinchao Media's first fundraising round was a $10M seed round in December 2014. The most recent completed round was a $142M strategic investment round in August 2019.
Xinchao Media funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2019 | Strategic investment | JD.com (lead) | $142M | - | Xinchao Media Group is a Chengdu-based company founded in 2007 that operates digital advertising screens in elevators across more than 100 Chinese cities, with around 700,000 screens reaching up to 200 million people in local communities. The firm specializes in offline marketing through elevator ads, serving clients in residential and commercial buildings. In August 2019, JD.com led a funding round of approximately 1 billion yuan ($142 million) in Xinchao, acting as the lead investor, with China Renaissance as the sole financial adviser. This followed a $302 million investment led by Baidu in November 2018. JD.com's investment aimed to enhance its offline marketing capabilities and expand user reach, mirroring similar moves by competitors like Alibaba, which took a 6.62% stake in sector leader Focus Media for $1.43 billion in 2018. Xinchao was referred to as an 'elevator-ad unicorn' in some coverage, implying a valuation over $1 billion prior to or around this round. In a subsequent development, JD.com and Baidu jointly invested $400 million in 2021, making JD the largest shareholder, with Xinchao's corporate website stating a valuation exceeding $2 billion at that time. The company then operated over 650,000 ad panels across 105 cities, serving more than 23,000 clients and targeting middle-class consumers. Plans included RMB 10 billion investment over five years to expand to 2 million panels reaching 300-500 million residents. Other backers include Red Star Macalline, 58.com, and TAL Education. |
| Nov 2018 | Strategic investment | Baidu (lead) | $303M | $1.7B | Xinchao Media Group is a Chengdu-based Chinese company specializing in digital advertising panels in elevators, operating over 650,000 panels across 105 cities and reaching 200 million middle-class consumers while serving more than 23,000 clients. In November 2018, Baidu led a strategic funding round of approximately RMB 2.1 billion (US$302 million), marking a significant investment in the elevator ad space to integrate Baidu's search capabilities for smarter offline advertising. The round positioned Baidu as a key backer, following earlier investments and preceding others like JD.com's RMB 1 billion lead in 2019 and a joint $400 million investment by JD.com and Baidu Ventures in September 2021, where JD became the largest shareholder. Xinchao's corporate website indicated a valuation exceeding $2 billion by 2021, reflecting growth amid plans to invest RMB 10 billion over five years to expand to 2 million ad panels and reach 300-500 million users. Competitively, Xinchao operates in a market where rivals like Focus Media have attracted investments from Alibaba, which took a 6.6% stake after a $15 billion infusion in 2018. Overall, Xinchao has raised $1.33 billion across 8 rounds, with investors including Red Star Macalline, 58.com, and TAL Education, underscoring its prominence in China's elevator advertising sector. |
| May 2018 | Undisclosed stage | Red Star Macalline Group; Weixing Chen | $314M | - | - |
| Dec 2014 | Seed | - | $10M | - | Xinchao Media Group operates a digital media platform utilizing smart screens for advertising content targeted at urban households in over 100 Chinese cities including Beijing and Shanghai. The company places advertisements in elevators, competing with Focus Media which operates in 2 million elevators compared to Xinchao's 700,000. Founded in 2007 and based in Chengdu, China, it serves the digital out-of-home advertising and smart retail sectors. In 2014, Xinchao Media targeted annual revenue of 1.5 billion CNY. The company aimed to reach 4-5 billion CNY in annual revenue by end of 2019. Later rounds included a November 2018 investment led by Baidu totaling 2.1 billion CNY ($302M), bringing cumulative funding to 6 billion CNY with a valuation over $2 billion. A 2021 Unattributed - VI round raised $400M from JD.com and Baidu Ventures. Total funding reached $1.33B over 8 rounds, culminating in an acquisition by Focus Media in April 2025. |
Who has invested in Xinchao Media?
4 investors have backed Xinchao Media across its funding rounds, including Baidu, JD.com, Red Star Macalline Group and Weixing Chen.
Lead investors include JD.com and Baidu.
Xinchao Media Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | May 2018 | ||
| 1 | Lead | Aug 2019 | ||
This data is available for Pro users. Sign up to see all 4 Xinchao Media investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialInvestments by Xinchao Media
Xinchao Media has invested in 1 company to date.
Latest investment by Xinchao Media was on December 16th 2021. Xinchao Media invested in Guizhou Core Long March Technology (Marching Power) in their $79M Series C round.
Latest Investments by Xinchao Media
| Description | Guizhou Core Long March Technology is a Guiyang-based high-tech firm developing power semiconductor devices including CoolMOS transistors and silicon carbide chips. Its operations cover design, fabrication, packaging, testing, and application development for power electronics in automotive and renewable energy sectors. The company leverages expertise from Chinese Academy of Sciences collaborators. |
| HQ Country | |
| HQ City | Guiyang |
| Deal Date | 16 Dec 2021 |
| Round | Series C |
| Raised | $79M |
| Investors | BAIC Capital; Gaorong Capital; CASH Capital; Nanxi Venture Capital; Zhuhai Huajin Capital Co; Walden International; Guiyang Venture Capital; CDH Investments; V Fund Management |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Xinchao Media investments and their VC round multiples. Start Free Trial | |
Xinchao Media Competitors
Xinchao Media competitors include listed companies like Clarivate and Red Violet, and private ones like CADDi, TalkingData, Tealium and Moneyview.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1.2B | - | ||
| Private | $108M | - | $1.2B | 11.1x | ||
| Publicly listed | $2.5B | $829M | $1.2B | 2.2x | ||
| Publicly listed | $90M | $24M | $1.2B | 11.7x |
Xinchao Media Public Comps
Xinchao Media is no longer listed, but its public comps include Clear Channel Outdoor, Clarivate, Red Violet, CHEIL Worldwide, Hunan TV & Broadcast, Beijing Join-Cheer, Plan B Media, Arabian Contracting Services, Zhewen Interactive Group and WingArc1st.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $472M | 4.7x | 4.4x | 15.9x | 13.9x | |||
| $2.5B | $829M | 2.1x | 2.2x | 6.3x | 5.3x | |||
| $90M | $24M | 13.2x | 11.7x | 50.0x | 31.7x | |||
| $3.3B | $276M | 0.3x | 0.3x | 3.3x | 3.2x | |||
| $647M | $98M | 2.4x | 2.8x | 16.0x | 14.0x | |||
| $386M | $11M | 1.9x | - | 68.9x | - | |||
| $286M | $66M | 3.4x | 3.2x | 14.7x | 7.2x | |||
| $521M | $353M | 4.6x | 5.1x | 6.7x | 9.4x | |||
This data is available for Pro users. Sign up to see all Xinchao Media competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Xinchao Media
| When was Xinchao Media founded? | Xinchao Media was founded in 2007. |
| Where is Xinchao Media headquartered? | Xinchao Media is headquartered in Beijing, China. |
| Is Xinchao Media publicly listed? | No, Xinchao Media was acquired by Focus Media in April 2025. |
| Who acquired Xinchao Media? | Xinchao Media was acquired by Focus Media in April 2025. |
| How much was Xinchao Media acquired for? | Xinchao Media was acquired for $1.2B in April 2025, a 4.2x revenue multiple. |
| What is Xinchao Media's valuation? | Xinchao Media was last valued at $1.7B in its strategic investment round in November 2018. |
| How much funding has Xinchao Media raised? | Xinchao Media has raised $768M across 4 funding rounds. |
| What was Xinchao Media's last funding round? | Xinchao Media's last funding round was a $142M strategic investment round in August 2019, led by JD.com. |
| Who are Xinchao Media's investors? | Xinchao Media's investors include Red Star Macalline Group, JD.com, Baidu and Weixing Chen. |
| What is Xinchao Media's revenue? | Xinchao Media's latest recorded revenue is $30M (November 2018). |
| What is Xinchao Media's revenue multiple? | Xinchao Media's latest valuation implies a 57.5x revenue multiple ($1.7B valuation on $30M of revenue). |
| Which companies are comparable to Xinchao Media? | Companies comparable to Xinchao Media include CADDi, TalkingData, Tealium, Moneyview, Clarivate and Red Violet. |
| How many companies has Xinchao Media invested in? | Xinchao Media has invested in 1 company, including Guizhou Core Long March Technology (Marching Power). |
| What was Xinchao Media's last investment? | In December 2021, Xinchao Media invested in Guizhou Core Long March Technology (Marching Power)'s $79M Series C alongside BAIC Capital, Gaorong Capital, CASH Capital and 6 other investors. |
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