Netase Tech, 1/28/10
Chinese B2B e-commerce site Netsun Toocle (002095.SZ) has announced that it will reduce its holdings of Zhejiang China Apparel Network Technology, operator of Chinese e-commerce clothing site China Apparel Net (www.efu.com.cn), from 51% to 19.62%. The 30.4% of China Apparel Net's stock will be sold to two groups: the China Apparel Net management team, represented by board chairman Chen Xuejun; and, Zhejiang-based Kunyuan Ventures. Following the sale, Kunyuan Ventures will hold a 20% stake in the company, with Netsun Toocle holding 19.62%, and the China Apparel Net management team owning 60.38%.
According to Chen Xuejun, China Apparel Net has completed an internal stock ownership and corporate restructuring plan, and via in-house development and external acquisitions, has essentially completed its strategic deployment in the clothing e-commerce space. Chen also said that the company's revenues last year nearly reached the minimums required by the ChiNext growth enterprise board, and that the company has launched a plan to push towards a listing.