Yonyou Software sells RayooTech stake to Shenzhen Fortune ahead of IPO
China’s Yonyou Software will sell its entire 18.73% stake in Beijing RayooTech company for RMB75.37 million ($12.26 million) to Shenzhen Fortune Venture Capital. This comes ahead of an expected IPO for RayooTech.
According to a regulatory filing, Shenzhen Fortune will acquire the shares through three investment vehicles. The sale will support Yonyou's balance sheet after the company posted a net loss of RMB39.88...
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