迅雷斥资5亿收购虎扑，后者两度折戟IPO，估值曾达77亿

Core Viewpoint - The acquisition of Shanghai Kuanghui Network Technology Co., which operates the sports media platform Hupu, by Shenzhen Xunlei Network Technology Co. for a total cash consideration of 500 million RMB is expected to create significant synergies between the two companies, enhancing Xunlei's content ecosystem and community operations [2][4]. Summary by Relevant Sections Acquisition Details - Xunlei has completed the acquisition of Kuanghui for a total cash consideration of 500 million RMB, with 400 million RMB paid prior to closing and the remaining 100 million RMB to be paid in two equal installments over the next 24 months [1][2]. Company Background - Xunlei, established in 2003, provides a wide range of products and services including cross-cloud acceleration, shared cloud computing, and digital entertainment. In the previous year, Xunlei reported total revenue of 324 million USD, a year-on-year decline of 11.1%, while membership revenue grew by 12% to 134 million USD [2][4]. Financial Performance - In Q1 of this year, Xunlei's total revenue was 88.8 million USD, reflecting a year-on-year increase of 10.5%, with membership revenue at 35.7 million USD, up 7.7% [2][4]. User Base Comparison - As of Q1 this year, Xunlei had over 6 million members, while Hupu had 45 million active users in 2015, growing to over 100 million registered users and 80 million active users by 2021. However, Hupu's single business model has limited its user conversion capabilities [4][5]. Strategic Synergies - The acquisition is expected to leverage Xunlei's large user base and technological advantages alongside Hupu's quality sports content and active community, enhancing content downloads, community interaction, and user loyalty [4][5]. Hupu's IPO Attempts - Hupu has attempted to go public twice but failed due to issues related to its business model and financial performance. The first attempt was halted in 2017 due to high accounts receivable and cash flow discrepancies [5][6]. Funding History - Hupu has undergone multiple funding rounds, with significant investments from various firms, including a peak valuation of 7.72 billion RMB before its IPO attempts were abandoned [6][7].