Didi Chuxing Acquires Online Payment Firm 19Pay
Gohigh Data, 12/19/17
Datang-based data communication and VoIP solutions provider Gohigh Data Networks Technology (00851.SZ) recently said that in November it authorized its subsidiary Beijing Gaoyang Jiexun Information Technology to sell its entire stake in Beijing-based online payment services provider 19Pay Technology via public listing on the Beijing Equity Exchange.
Gohigh Data Networks said that Shanghai-based Shiyuan Technology, a subsidiary of Tianjin-based Didi Chuxing Technology Co., Ltd., operator of Chinese mobile taxi booking and car hire apps Didi Chuxing and Kuaidi Dache, paid a RMB 90 mln deposit to become the sole qualified transferee of 19Pay Technology shares. On December 18, the two parties signed a share transfer agreement according to which Shiyuan Technology will acquire 19Pay Technology for RMB 300 mln.
Shiyuan Technology has RMB 40 mln in registered capital and is wholly-owned by Didi Chuxing. Shiyuan is authorized to engage in computer software and product development, design, production, and sales, and electronics and communications product development.
19Pay Technology was set up by Gaoyang Jiexun Information Technology in July 2010 with RMB 10 mln in initial funding. After several rounds of funding, the company's registered capital is now RMB 100 mln. In June 2012, 19Pay Technology received a third-party payment services provider license for its online payments business. From January-September 2017, operating revenues were RMB 3.783 mln and net losses were RMB 4.793 mln.
Editor's Note: For more information on Didi Chuxing's efforts to expand into the payments domain, please see "Rumor: Didi Chuxing Acquires Payment Processing License," MD 3/13/17 issue.
Keywords: mobile payment M&A Gaoyang Jiexun Shiyuan Technology wireless 19Pay Gohigh Data Networks third-party payment online payment Didi Chuxing e-payment car hire app taxi booking app 000851.SZ
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