Gome, Tencent Unable to Gain Stakes in Quanfeng Express

Sina Tech, 2/01/13

Quanfeng Express upper management confirmed that Leading Capital, Pengkang Capital, and Phoenix Capital will together increase their investment in Quanfeng by RMB 200 mln. The three firms did not disclose the exact size of their respective shares.

Regarding prior rumors that Chinese home appliance and consumer electronics retailer Gome (0493.HK) and Tencent were to acquire equity stakes in Quanfeng, a members of Quanfeng's management team stated that while Quanfeng had been in talks with Gome and Tencent, they had not reached any agreements, but Quanfeng would continue its partnerships with Gome.

Editor's Note: For more background on this topic, please see "Rumor: Gome to Acquire 30% Shares of Quanfeng Express" MD 1/15/13 issue.

Keywords: logistics funding VC consumer electronics hardware Tencent Gome 0493.HK Quanfeng Express retail home appliances M&A 0700.HK

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