IQiyi Sports, the sports arm of Chinese streaming platform iQiyi Inc., has secured a RMB850 million (US$124 million) series A financing round. China Sports Capital, a fund established in 2017 by Sequoia China and China Media Capital (CMC), invested RMB300 million (US$43.8 million). Yao Capital, a Chinese private equity firm co-funded by former NBA star Yao Ming, injected RMB50 million (US$7.3 million) towards the deal, according to a company announcement. The estimated valuation of iQiyi Sports reached RMB3.35 billion (US$489.5 …

iQiyi Sports Raises US$124M From Sequoia-Backed Fund And Yao Ming’s Investment House appeared first on China Money Network.