China Finance Online Co. Limited ("CFO"), a leading Chinese online financial information and listed company data provider, announced that it entered into definitive agreements on August 15, 2006 to acquire Stockstar Information Technology (Shanghai) Company Limited ("Stockstar").
According to the definitive agreements, CFO and an affiliate will pay US$6.5 million and RMB12 million, respectively, for an aggregate consideration of approximately US$8 million, in exchange for 100% of the equity of Stockstar and 100% of the equity of a related company that operates Stockstar.com. Established in 1996, Stockstar.com is one of the leading finance and securities websites in China.
"China Finance Online has built solid brand awareness in the marketplace and an exceptional platform for the future growth. Stockstar will work closely with CFO's management team to take advantage of these growth opportunities ahead of us," said Mr. Yuze Han, Chairman of Stockstar.
"This transaction provides great value to our stockholders and represents an exciting new chapter for our company," said Mr. Zhiwei Zhao, CEO of China Finance Online, "Stockstar is a partner with respected reputation that will add tremendous value to us as we continue to realize our full potential to be the leader of this industry."
Upon completion of the acquisition, Stockstar will become a wholly-owned subsidiary of China Finance Online. The transaction is subject to customary closing conditions, including regulatory approvals from and registrations with competent PRC governmental authorities. It is expected the transaction will be completed during the later part of the 3rd quarter or the 4th quarter of 2006.
China Finance Online Co. Limited specializes in providing online financial and listed company data and information in China. Through its website, http://www.jrj.com/, the company offers subscription-based service packages that integrate financial and listed company data and information from multiple sources with features and functions such as data and information search, retrieval, delivery, storage and analysis. These features and functions are delivered through proprietary software that is available by download.
Source:佚名