New Huadu buys to expand in IT
By Zhu Shenshen |
January 26, 2010, Tuesday
|
Print Edition
Print Edition
NEW Huadu Industrial Co acquired two financial IT firms for more than US$10 million as it expands into the information technology sector, the Fujian Province-based company said yesterday.
The firm, whose business scope encompasses property, retail, tourism, mining and machinery, acquired Change Network and 8801.com.cn through its subsidiary, Inxite Information Industry Co.
"It (the acquisition) represented my return to the IT business. I can't totally leave IT," said Tang Jun, president and chief executive of New Huadu, who used to be president of Shanda Entertainment and Microsoft China.
Tang forecast that Inxite, which was acquired by New Huadu in 2008, would complete an initial public offering within three years.
Tang helped Shanda, one of China's biggest online game operators, get listed on Nasdaq in 2004 during his tenure there.
Change Network and 8801 provide users information on stocks and other services online and on mobile phones, a new market segment with great potential in China, analysts said.
For example, Zhejiang Hexin Flush Network Service Ltd, which provides securities information and analysis services online and on handsets, was expected to post an annual net profit growth of 50 to 100 percent in 2009.
Hexin Flush is now listed on the ChiNext board, China's Nasdaq-style growth-enterprise market, which opened in October.
The firm, whose business scope encompasses property, retail, tourism, mining and machinery, acquired Change Network and 8801.com.cn through its subsidiary, Inxite Information Industry Co.
"It (the acquisition) represented my return to the IT business. I can't totally leave IT," said Tang Jun, president and chief executive of New Huadu, who used to be president of Shanda Entertainment and Microsoft China.
Tang forecast that Inxite, which was acquired by New Huadu in 2008, would complete an initial public offering within three years.
Tang helped Shanda, one of China's biggest online game operators, get listed on Nasdaq in 2004 during his tenure there.
Change Network and 8801 provide users information on stocks and other services online and on mobile phones, a new market segment with great potential in China, analysts said.
For example, Zhejiang Hexin Flush Network Service Ltd, which provides securities information and analysis services online and on handsets, was expected to post an annual net profit growth of 50 to 100 percent in 2009.
Hexin Flush is now listed on the ChiNext board, China's Nasdaq-style growth-enterprise market, which opened in October.
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