(Yicai Global) June 22 –- Chinese e-commerce platform Happigo Home Shopping has received approval from securities authorities for its reverse initial public offering after buying firms worth CNY11.5 billion (USD1.8 billion). 

Happigo has acquired five firms on its two-year journey into qualifying as a listed company, the Changsha-based firm said in a statement. These firms include Mango TV under Hunan Radio and TV Group, gaming firm Mangofun Technology, C-Pop record label EE-Media, Mango Studios, and Mango Entertainment.

Once the backdoor listing is completed, the company is estimated to generate CNY4.1 billion in profits in four years. 

This also means that Mango TV has become the first state-owned video platform listed on China's A-share market. The TV firm's turnover was about CNY3.4 billion last year, up 86 percent in comparison to the year before. Mango TV tried going public already in 2016.

Editor: Emmi Laine