Panshi raised 2.25 billion yuan in a series D funding round led by Chinese private investor and venture capitalist Cybernaut Investment Group Co. Ltd., China Money Network reported.

The Chinese cloud-based online and mobile advertising company caters to local small and medium-sized enterprises.

Hana Financial Group Inc. and CCB Trust Co. Ltd. reinvested in the company.

The digital advertiser is targeting an IPO in Hong Kong by the end of 2019, the news outlet said, citing a company statement.

In May 2015, Panshi received US$200 million in a series B funding round led by NewMargin Ventures, alongside other investors.

As of Oct. 18, US$1 was equivalent to about 6.94 yuan.