China hydropower firm buys 38% stake in VC-backed web directory
Zhejiang Fuchunjiang, a Chinese-listed hydropower equipment company, plans to buy a 38% stake in 2345.com, a web directory provider, from its majority shareholder Dongsheng Pang for RMB760 million ($124 million).
Pang, who owns 76% of 2345.com, also known as Shanghai 2345 Network Technology, will retain 38% interest in the firm upon completion of the transaction. Fuchunjiang is offering RMB650 million and its majority...
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