An industry source has revealed that Beijing-based online music provider Orca Digital, which operates the site Top100.cn, recently purchased rival Beijing Yiting Information Technology (1ting.com) for USD 10 mln. Once the acquisition is complete, Orca will pursue a US IPO as "China's Pandora."
The source also said that of the total USD 10 mln paid in the deal, UDS 5 mln was paid in cash and the remainder in company stock.
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