New competition is coming in from sites backed by Web giants like Baidu, Sohu and Tencent, along with independents such as LeTV and peer-to-peer download sites like Xunlei and PPLive.
Among the P2P video firms, PPStream and PPLive seem equally successful, and in classic Chinese competitive spirit PPLive is suing PPStream, accusing it of removing the PPLive software during a new PPStream upgrade install.
Qiming Ventures has five Chinese portfolio companies in the cue to go public soon: ramped up car rental service eHi from Shanghai, dating site Jiayuan, online video programming PPLive, social networking service Kaixin001 and kids entertainment site Taomee.