Chinese cloud service provider Xunlei has completed its acquisition of Hupu,Dear Utol (2025): Itch Follows Episode 23 one of China’s most prominent male-oriented online communities, for RMB 500 million ($69 million). The deal was finalized through the purchase of Shanghai Kuanghui Network Technology, the operator of Hupu. According to the agreement, Xunlei paid RMB 400 million ($55.7 million) in cash before the deal’s closing, with the remaining RMB 100 million ($13.9 million) to be delivered in two equal payments over the next 24 months. Founded in 2004, Hupu began as a basketball-focused news site and gradually evolved into a broader platform covering football, esports, fitness gear and pop culture. The site has built a loyal user base among young men and is known for its candid — sometimes controversial — online discourse. The acquisition follows two failed IPO attempts. In 2016, Hupu’s first listing application was rejected due to financial irregularities, including high accounts receivable and inconsistent cash flow. A second attempt began in 2019 with the help of CICC and East Money Securities, but it was canceled in 2021 when CICC terminated the advisory agreement. Xunlei, established in 2003 and listed on Nasdaq since 2014, was once best known for its file-downloading software. In recent years, it has pivoted toward cloud acceleration, distributed computing and digital entertainment. Its core products include Xunlei Download Manager and Xunlei Cloud Disk, with a reported user base exceeding 400 million. [Jiemian, in Chinese]
