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.”
About Caixin Media Company Limited
Caixin Media Company Limited is a media group dedicated to providing high-quality and authoritative financial and business news and information through periodicals, online content, mobile apps, conferences, books and TV/video programs. Ms. Hu Shuli, the former founding editor of Caijing Magazine, is one of the founders and editor-in-chief of Caixin Media.
SOURCE: Techweb (19/07/12)