HUPU

Hupu is a Chinese online sports community whose community business was acquired by Xunlei for RMB 500 million in early 2025, a sharp drop from its peak valuation of RMB 7.7 billion in 2019 when ByteDance invested RMB 1.26 billion . The decline reflects a strategic split: the acquired entity, Shanghai Kuanghui Internet Technology, covers only the core community operations, while formerly integrated businesses like e-commerce platform Shihuo (识货) and sneaker marketplace Dewu (得物, founded by Hupu co-founder Yang Bing) were carved out earlier .

Founded by Cheng Hang, Hupu built notable investment and incubation arms alongside its community—most prominently Dongyu Capital and the spin-offs that grew far larger than the parent community itself . As of the 2025 reporting, CEO Yin Xuebin described the slimmed-down Hupu as consistently profitable since 2021, with roughly 90% of revenue from advertising and a user base heavily skewed toward young male college students . The company also made venture bets including follow-on investments in men's grooming brand Liran .