Rumor: Tencent Acquires 20% Stake in Caixin

Techweb, 7/19/12

According to internet postings, the Zhejiang Daily Media Group (600633.SH) has sold a 19.77% stake in Caixin Media Company to Shenzhen-based internet company Tencent (0700.HK) for RMB 56.48 mln.

Caixin Media was established in December 2009 with RMB 40 mln from Zhejiang Daily Media, which holds 40% of the company. In September 2011, Caixin Media announced that a 19.77% stake in the company would be available for purchase on the Zhejiang Property & Stock Exchange; the seller was listed as the Zhejiang Daily Media Group.

Editor's Note: Caixin Media confirmed on its official microblog account that it has "completed a new round of financing through the issue of new stock," and welcomed Tencent as a new shareholder. The company added that "the share held by Zhejiang Daily Media will not change," and "Tencent will not take part in the day-to-day operations of Caixin Media."

Keywords: M&A Internet Tencent 0700.HK Caixin Media Zhejiang Daily Media Group 600633.SH investment

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