Recent reports suggest that Panda Live (formerly Panda TV) has completed its Series A financing round, raising a total of 650 million yuan and reaching a valuation of 2.4 billion yuan. Leading the round was LeEco’s cloud computing arm, LeEco Cloud, which reportedly invested about 360 million yuan for a 15% stake in the company. For those tracking major business moves and tech partnerships on platforms like Crickex Sign Up, this deal could signal a strategic shift in the live streaming market.
Panda Live, operated by Shanghai Panda Interactive Entertainment Culture Co., Ltd., was founded in July 2015 and officially launched in October the same year, with well-known investor Wang Sicong — chairman of Pusi Investment — serving as CEO. The platform initially focused on game streaming, quickly gaining traction thanks to Wang’s personal influence and aggressive recruitment of top streamers. According to data from Cheetah Global Lab, Panda ranked seventh among pure live streaming apps earlier this year. While gaming remains its core focus, the company has been branching into broader entertainment. In July, Panda teamed up with Mango Entertainment and Tencent Video to launch the interactive variety program Hello! Goddess, streamed live on Panda and released in variety show format on Tencent Video.
Beyond gaming, Panda Live now offers multiple streaming categories, including Panda Star Show, outdoor broadcasts, and Pet Paradise, catering to diverse viewer interests. However, industry insiders note that this rumored partnership with LeEco may not be about expanding entertainment content but rather about strengthening its technological backbone. The LeEco entity in question is not LeEco Video but LeEco Cloud, a company specializing in CDN (content delivery network) services — a critical component for any streaming platform.
Live streaming platforms face heavy expenses in two areas: paying top streamers and maintaining high-quality CDN infrastructure. Given the unique demands of live streaming, CDN costs alone can be enormous each year, with stream stability and smooth playback directly impacting user experience. LeEco Cloud currently boasts 750 CDN nodes in over 60 countries and regions, supporting advanced technologies such as 4K resolution, 360-degree panoramic views, VR real-time streaming, and H.265 video encoding. Earlier this year, LeEco Cloud itself raised 1 billion yuan in Series A financing, bolstering its capacity for partnerships like this.
If Panda Live and LeEco Cloud do establish a deep CDN-based collaboration with capital ties, it would not be surprising. The rumored valuation of Panda Live at 2.4 billion yuan is in line with industry trends — for comparison, a recent sale of 3% of live streaming platform Inke for 210 million yuan implied a total valuation of 7 billion yuan. The live streaming industry’s valuations are clearly climbing, and Panda’s figure remains within the sector’s average.
There is also speculation that Wang Sicong not only invested in Panda’s angel round but personally fronted 200 million yuan after that round to support operations. Following the completion of the Series A, 200 million of the raised funds would be used to repay Wang’s advance. Even after this repayment, he is expected to remain Panda Live’s largest shareholder. For Crickex Sign Up followers interested in the intersection of entertainment, technology, and finance, this rumored deal could be one of the most telling moves in China’s live streaming evolution.