Xunlei To Acquire Shanghai Kuanghui Internet Technology For RMB 500 Mln In Cash

(RTTNews) - Xunlei Ltd. (XNET), a technology company, Monday announced that it has signed an agreement to acquire Shanghai Kuanghui Internet Technology Co., Ltd., which operates Hupu, a Chinese sports media platform. The deal is for RMB 500 million in cash.

The deal is expected to be completed by the first half of 2025.

Jinbo Li, Chairman and CEO of Xunlei said, "...the acquisition will strengthen Xunlei's community operations by enriching its content ecosystem with Hupu's premium sports content and active user base, while enhancing the user experience through Xunlei's technological and brand advantages."

In the pre-market trading, Xunlei is 2.13% higher at $2.40 on the Nasdaq.