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Rumor: Tencent Acquires Stake in SNS Kaixin001

21st Century Business Herald, 10/18/11

An industry source has revealed that Chinese internet firm Tencent (0700.HK) recently purchased a stake in Chinese SNS Kaixin001 with the intention of becoming a major shareholder.

Kaixin001 founder and CEO Cheng Binghao was unavailable for comment. When reached by telephone, Kaixin001 VP Guo Wei said that the move "wasn't exactly an acquisition, but to describe it as such also isn't without reason."

Keywords: Cheng Binghao Guo Wei Internet Kaixin001 Tencent SNS 0700.HK M&A

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