Netease Tech, 2/03/10
Following the successful restructuring of e-commerce clothing site China Apparel Net, in which B2B e-commerce site Netsun Toocle (002095.SZ) had previously held a controlling stake, Netsun sent an open letter to industry websites seeking cooperation. Netsun said it aimed to duplicate more "China Apparel Nets" by acquiring other industry sites to create a "small portal + alliance" model and foster the growth of more "little Netsuns."
In the letter, Netsun chairman Sun Deliang said the company would adopt a different model from its previous cooperation with China Apparel Net in which Netsun acquired a 51% stake, and that Netsun is willing to give up its position as majority stakeholder, leaving control in the hands of website founders. Cooperating websites would benefit from use of Netsun Toocle's open platform and resource sharing, and, as the websites grow, would gradually attract private equity and venture capital, eventually developing into an array of successful industry sites similar to China Apparel Net.
Editor's Note: For more background on this topic, please see "Netsun Toocle Reduces Stake in China Apparel Net," MD 1/28/10 issue.