People’s Daily to buy Sequoia-backed online literacy platform
People.cn, a Chinese online newspaper run by state-owned People’s Daily, intends to purchase a 69.25% stake in Kanshu.com, an online book reading platform backed by Sequoia Capital, for RMB249 million ($40.8 million).
According to a regulatory filing, Sequoia will sell its entire 28.5% stake in Kanshu.com to People's Daily for RMB119 million. Sequoia made the investment from its Tianjin Sequoia Industry Equity Investment...
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