Beijing Popular Qitian International Cultural Technology Development Group Co., Ltd. (referred to as "Denghong Qitian") recently completed hundreds of millions of yuan in Series C financing. Investors include Huakong Fund, China Vision Industry Fund, NetEase, Guoke BOE, and CITIC Centennial Assets , Jiahesheng Capital and Wild Grass Venture Capital. The famous director Zhang Yimou serves as the co-founder and artistic director of the popular Qitian. According to Tianyancha data, Popular Qitian has completed 8 rounds of financing, of which rounds B to B++ are concentrated from October 2021 to December 2022, coinciding with the investment and financing boom in the Metaverse. It is worth noting that private equity funds from well-known companies such as Lei Jun’s Xiaomi Group, Ding Lei’s NetEase Capital, and CITIC Group are all involved.

Popular Qitian is positioned as the overall solution and product implementation of "XR content production + vehicle research and development + digital operation", and its business involves "XR + paradise", "XR + technology show", "XR + e-sports", "XR + sports" and many more fields. Previous reports stated that in January this year, popular Qitian, where Zhang Yimou holds shares and serves as co-founder, completed the B++ round of financing. The amount of financing is unknown. NetEase participated in this round of investment through NetEase Media Technology (Beijing) Co., Ltd.