FANSHU.COM TRANSFERRING 40% STAKE

AsiaInfo Services
07-07-2011
Fanshu.com Transferring 40% Stake

BEIJING, Jul 07, 2011 (SinoCast Daily Business Beat via COMTEX) -- Shanghai Founder Digital Publishing Technology Co., Ltd., the majority shareholder of Fanshu.com, is selling the subsidiary's 40% equities at a selling price of CNY 47.6 million, according to China Beijing Equity Exchange.

Zhongsou.com, which holds a 40% stake in Fanshu.com, has given up the preemptive right to take over such a 40% stake sold by Founder Digital. According to the seller, the potential buyers shall have at least CNY 100 million in registered capital and net profits of more than CNY 100 million last year. Also, they shall be licensed to be engaged in the Internet information sector for not less than five years. This means that only Baidu.com, Inc. (NASDAQ: BIDU) and Tencent Holdings Ltd (SEHK: 0700) could be qualified.

Fanshu.com in 2010 achieved the operating revenues of CNY 1.14 million and suffered net losses of CNY 21.58 million in the year. During the first six months of this year, it gained the operating turnover of CNY 1.9 million and suffered net loss of CNY 11.4 million.

Source: www.sina.com.cn (July 07, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Online News/Business Information
SinoCast China Business Daily news
shareholder
stake
Internet information
loss
price
subsidiary
preemptive right

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