Rumor: Baidu Purchases 40% Stake in Fanshu

Sina Tech, 8/04/11

Chinese internet giant Baidu (Nasdaq: BIDU) has acquired a 40% stake in Beijing Founder Network Technology, operator of online literature portal Fanshu.com, according to a source within Baidu. Baidu reportedly paid RMB 47.6 mln, the price quoted by Shanghai Founder Digital Publishing Technology when it listed the shares on the China Beijing Equity Exchange (CBEX).

With the purchase, Fanshu.com shareholders now include Baidu, search engine provider Beijing Zhongsou Online Information Technology and Shanghai Founder Digital Publishing Technology, which hold shares of 40%, 40% and 20%, respectively. Both Baidu and Fanshu have yet to confirm news of the purchase. Fanshu.com CEO Zhao Ge declined to comment on the situation, saying only that media will be the first to be notified if there is an announcement to make.

Editor's Note: For more information on this topic, please see "40% Stake in Online Literature Site Fanshu to Sell on CBEX," MD 7/07/11 issue.

Keywords: M&A Zhao Ge Internet Baidu online literature Zhongsou China Beijing Equity Exchange BIDU Fanshu.com Shanghai Founder Digital Publishing Beijing Founder Network online search

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