Everbright-IDG fund invests $297m in China UnionPay Merchant
China Everbright (CEL) and IDG Capital Partners have acquired a 9.3% stake in China UnionPay Merchant Services (UMS), a third-party payment provider, for RMB2 billion ($297 million).
The investment comes from the Everbright-IDG Industrial Fund, which was launched by two fund managers at the end of June. The vehicle is now the second-largest shareholder after People's Bank of China...
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