China's SoundCloud-esque Ximalaya valued at $623 million

JINAN - The valuation of audio-streaming service Ximalaya shot to 4.1 billion yuan ($623 million) from 2.6 billion in November 2015, according to an investor.

Shanghai-listed Qingdao City Media Co Ltd, disclosed the valuation on Wednesday in response to an inquiry by the Shanghai Stock Exchange over its investment in Ximalaya.

It said the valuation was based upon Ximalaya's last round of fundraising in which it invested 60 million yuan for a 1.45-percent stake in Ximalaya.

In November last year, Ximalaya was valued at 2.6 billion yuan, with 4.5 million daily active users and 30 million monthly active users. As of today, those numbers have climbed to 8 million and 45 million, respectively.