New Huadu Acquires Four IT Companies

Sina Tech, 1/25/10

President Tang Jun of New Huadu Industrial Group has announced the acquisition, via financial information services subsidiary Inxite, of four IT companies for a total of USD 25 mln in cash and equity transfer: Shenzhen Qianxun Network, Beijing Systex Shenglong Information Systems, Hong Young Technology and Shanghai ConnGame. Tang also announced that the company plans to establish two listed companies within three years.

Qianxun provides stock information and online transaction technology; Shenglong will provide its mobile stock information technology; Hong Young will provide its experience in IT service outsourcing; and ConnGame is a developer of online games.

Editor's Note: Tang also denied rumors that he plans to leave to become the new president of Google China. It was previously rumored that New Huadu and Google would form a new joint venture led by Tang.

For more background on this topic, please see "Rumor: New Huadu Acquires Two IT Companies" MD 1/20/10 issue.

Keywords: Hong Young ConnGame IPO Tang Jun online financial information software Qianxun Google Inxite New Huadu Industrial Shenglong JV M&A online gaming IT outsourcing game developer mobile securities information Systex

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