Investment to tap consumer industries
By Zhu Shenshen |
January 29, 2010, Friday
|
Print Edition
Print Edition
NEW Huadu Industrial Co, led by former Microsoft China President Tang Jun, announced yesterday a US$32 million investment in a Shanghai-based home appliance maker, three days after it acquired four information technology firms.
New Huadu will expand into consumer-oriented industries due to the booming China's economy and its large population, said Tang, New Huadu's president, who also used to head Shanda Entertainment, one of China's biggest online game operators.
"We won't stop the pace to expand, and we will become a firm with a diversified business," Tang said at a press conference in Shanghai yesterday.
The investment in Shanghai-based Povos gives Fujian Province-based New Huadu a 19.9 percent stake in the appliance maker.
In 2009, Povos' profit margin was 8 percent on revenue of 1.5 billion yuan (US$220.5 million), according to its Chairman Liu Jianguo.
It will use the strategic investment to expand its distribution channel, Liu said, adding that he expects Povos, which sells products such as shavers, hair dryers and cookers, to be listed within three years.
New Huadu, whose business encompasses property, retail, tourism, mining and machinery, said on Monday that it acquired four IT firms through a subsidiary.
New Huadu will expand into consumer-oriented industries due to the booming China's economy and its large population, said Tang, New Huadu's president, who also used to head Shanda Entertainment, one of China's biggest online game operators.
"We won't stop the pace to expand, and we will become a firm with a diversified business," Tang said at a press conference in Shanghai yesterday.
The investment in Shanghai-based Povos gives Fujian Province-based New Huadu a 19.9 percent stake in the appliance maker.
In 2009, Povos' profit margin was 8 percent on revenue of 1.5 billion yuan (US$220.5 million), according to its Chairman Liu Jianguo.
It will use the strategic investment to expand its distribution channel, Liu said, adding that he expects Povos, which sells products such as shavers, hair dryers and cookers, to be listed within three years.
New Huadu, whose business encompasses property, retail, tourism, mining and machinery, said on Monday that it acquired four IT firms through a subsidiary.
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