Is there a new music streaming powerhouse making waves in Hong Kong?
According to a report from Pandaily, Hong Kong-based Allsaints Music Group has raised $60 million in a Series B1 financing round.
The round was led by Hong Kong-based CMB International and phone maker OPPO, and was joined by another smartphone giant Xiaomi and China-based investment firm Huiyou Capital.
According to Pandaily, Allsaints counts “several world-famous mobile technology companies” as early investors and struck global strategic deals with mobile device makers including OPPO, vivo and Xiaomi.
Pandaily reports further that Allsaints Music Group “is accessible to billions of mobile phone users” via its agreements with various manufacturers.
According to Counterpoint research, in Q2 2021, Xiaomi, OPPO and vivo’s share of the global smartphone market was 16%, 10% and 10%, respectively. By way of comparison, Apple and Samsung’s global smartphone marketshare was 15% and 18% respectively in Q2 2021, according to Counterpoint.
Allsaints Music Group, founded by digital music veterans Zhu Yingbo and Chen Ge, has also “secured relationships with a variety of partners, including recording companies”, adds Pandaily’s article.
The company’s founder and CEO Zhu Yingbo was the founding CEO of China Telecom Tianyi Music, while founder Chen Ge, who serves as the firm’s Chief Content Officer, founded one of China’s first large-scale music platforms.
The Hong Kong-based firm’s $60m financing round follows the news from earlier this month that Chinese technology giant NetEase Inc. has scrapped a $1bn IPO in Hong Kong of its subsidiary Cloud Village – which operates music streaming service NetEase Cloud Music – due to what the Financial Times reported are “concerns about a growing regulatory crackdown on the country’s technology groups”.
Citing three people familiar with the matter, the FT also reported that the IPO was pulled due to “a disappointing response from investors”.
NetEase was planning to spin off Cloud Village on the Main Board of the Hong Kong Stock Exchange, according to a listing application filed in May.
“We welcome more talents who love music to join and stand on the shoulders of giants to help musicians around the world realize their dreams.”
Zhu Yingbo, Allsaints Music Group
CEO Zhu Yingbo said: “We welcome more talents who love music to join and stand on the shoulders of giants to help musicians around the world realize their dreams.”Music Business Worldwide