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iCafe8 to Acquire Shanda Subsidiary Jisheng

Oriental Morning Post, 4/13/12

Hangzhou-based internet café platform operator Shunwang Technology (iCafe8) (300113.SZ) released a public filing yesterday announcing that it intends to acquire 100% of Chengdu-based Jisheng Technology from online media and game operator Shanda Interactive for RMB 80 mln.

Jisheng Technology, a provider of internet café management software and operator of the directory portal 91ni.com, was acquired by Shanda in September 2003. The company's main product, "Wanxiang Wangguan," is used for billing systems by roughly 50,000 internet café clients across the country, and is actively used to control around 4 mln internet-connected PCs, for a share of roughly 30% of the internet café billing systems market. The company had revenues of RMB 49 mln in 2011, and net losses of RMB 27.54 mln.

Editor's Note: This sale is part of a larger effort by Shanda to streamline its business. For more information on this topic, please see "Update: Zhejiang Daily Media Angles to Acquire Bianfeng, Holdfast," MD 4/10/12 issue.

Keywords: Jisheng Shanda Internet iCafe8 Internet cafe M&A 300113.SZ

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