China’s Longmaster acquires IDG's health site 39.net
Longmaster Information & Technology, a Shenzhen-listed software developer, has bought Chinese healthcare portal 39.net for RMB650 million ($105 million), facilitating an exit for IDG Capital Partners.
According to a regulatory filing, Longmaster will acquire 100% of Guangzhou Qisheng Information Technology, 39.net's operator, through a combination of a share swap and a cash payment to existing shareholders.
39.net was one of the first health information providers in China. It was launched by state-owned pharmaceutical company 999Group in 2000 but restructured six years later with a view to selling off the online business.
IDG acquired 39.net for $15 million, according to AVCJ Research. In 2007, the VC firm renamed the holding company to Guangzhou Qisheng.
39.net now has about 120 million users, of which about 48% are mobile users. In addition to providing healthcare information, its core product - ask.39.net - provides a platform through which more than 3.5 million users can seek advice from doctors online.
Guangzhou Qisheng recorded RMB107 million in revenue in 2013, up 65% from 2012. Profit reached RMB30.67 million last year, twice the 2012 figure.
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