Marbridge Daily

<- March 31, 2010 ->

Hunan Happigo Obtains RMB 330 Mln Funding

Economic Observer, 3/31/10

Happigo, a Chinese TV shopping and e-commerce firm owned by Hunan broadcaster Golden Eagle Broadcasting System (GBS), announced that it has received strategic investment from Hony Capital, CITIC Private Equity Funds Management, and Sequoia Capital.

Under the investment agreement, Hony will form an investment consortium with CITIC and Sequoia to invest a total of RMB 330 mln into Happigo. The sizes of the respective stakes purchased by the three companies have not been revealed, but GBS will retain its position as the operator and controlling shareholder in Happigo after funding.

As of March 2010, Happigo has had total sales revenues of more than RMB 6 bln since its March 2006 launch, with 587% revenue growth over a three-year period.

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