Tencent Tech, 1/09/12
Zhang Yunfan, CEO of Beijing-based gaming portal 178.com, confirmed today that game developer and operator Perfect World (Nasdaq: PWRD) had purchased a stake in the portal. Previous reports had stated that Perfect World chairman Michael Chi had bought a 20% stake in 178.com for RMB 27 mln, and had appointed Perfect World VP Wei Cheng to the board of 178.com.
Zhang said that the investment in 178 had come from Perfect World, rather than from Michael Chi himself, adding that 178.com would not change its media strategy as the result of Perfect World's 20% stake in the portal. Zhang said that the company had contracted for RMB 1-2 mln in advertising on the portal - a figure insufficient for it to rank among 178.com's top five advertisers.
Editor's Note: For more information on this topic, please see "Perfect World CEO Invests in Gaming Portal," MD 10/15/09 issue.