Completes Acquisition of HiChina Web Solutions

As anticipated by FinSMEs on September, 28, 2009, (HKSE:1688.HK) (HK.1688), a global leader in business-to-business (B2B) e-commerce, has completed a share purchase agreement of Cayman-based China Civilink, an eCommerce company that provides domain name registration operating in China as HiChina Web Solutions.
The agreement was the first of a two phase deal with acquiring 85% of HiChina now, and the option to acquire another 14.67% equity interest from HiChina’s founders pending HiChina reaching certain performance targets.
The total consideration of RMB539.98m (approximately $79.06m) in cash for both phases, brings to a new, large customer base, new, value-added applications, automated Web site technology and HiChina’s strong management and operating team. 

Join the discussion