Rumor: Yunfeng Capital Invests in Quanfeng Express
21st Century Business Herald, 5/20/14
According to sources close to the matter, Chinese logistics firm Quanfeng Express has completed a RMB 9-digit new round of funding, with participation from Yunfeng Capital. The exact amount of funding received, as well as Quanfeng's valuation upon completion of the funding, have not been disclosed. Yunfeng Capital was founded by Jack Ma, chairman of Chinese e-commerce conglomerate Alibaba Group.
Both Chinese internet giant Tencent (0700.HK) and home appliance and consumer electronics retailer Gome (0493.HK) have previously attempted to take stakes in Quanfeng, ultimately failing in their efforts.
Editor's Note: Quanfeng chairman Chen Jiahai has confirmed in a leaked internal email that the company has secured a RMB 9-digit investment. According to Chen, Quanfeng management will retain control of the company upon completion of the funding. For more information on this topic, please see "Gome, Tencent Unable to Gain Stakes in Quanfeng Express," MD 2/01/13 and "Rumor: Tencent Invests RMB 300 Mln in Courier Firm," MD 3/12/12 issues.
Keywords: Jack Ma e-commerce Internet logistics Alibaba Group Quanfeng Express Yunfeng Capital Chen Jiahai
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