Qutoutiao Announces Completion of $100 Million Financing for Midu

SHANGHAI, Oct. 16, 2019 (GLOBE NEWSWIRE) — Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced that its subsidiary holding the operations of Midu Novels and Midu Novels Lite (collectively, “Midu”), has completed Series B financing in the amount of USD100 million. The financing round is led by CMC Capital (“CMC”) and followed by Qutoutiao.

Mr. Peter Li, Partner of CMC, commented: “With its pioneering free-to-read model and dedicated execution capability, Midu has emerged as a leading player in the competitive online literature market with strong growth momentum. We are excited about the tremendous market opportunities in the online literature market and optimistic about Midu’s future.”

For more information, please visit: https://ir.qutoutiao.net.

Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Qutoutiao’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Qutoutiao’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

In China:

Qutoutiao Inc.
Investor Relations
Tel: +86-21-6858-3790
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Qutoutiao Inc.
Oliver Yucheng Chen
E-mail: [email protected]

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]