Chinese mobile advertising firm Panshi has raised $320 million in new Series D funding from tech investment firm Cybernaut along with existing investors Hana Financial Group and CCB Trust Co. Ltd.

This round precedes an imminent IPO on the Hong Kong stock exchange scheduled for next year by the company. Panshi has no raised about $545 million in total since its first known round in 2011 which involved a $20 million investment from NewMargin Ventures.

Panshi which provides online and mobile advertising services for small and medium enterprises in the Chinese region was previously valued at $1 billion after a $200 million investment also led by  NewMargin in 2015.

Cybernaut which led this round is notably headed by Chinese entrepeneur Min Zhu notable for co-founding on-demand collaboration and video conferencing company Webex which was acquired by Cisco for $3.2 billion way back in 2007.

It’s ranked amongst the top venture capital firms in China and has backed other companies like Getui, Lianlian Technology, ZBJ, We Doctor Group and Spreadtrum.

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