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China Finance Online Buys Stockstar.com
August 15, 2006 |
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China Finance Online (JRJC) has entered into definitive agreements to acquire Stockstar.com.
According to the agreements, China Finance Online and an affiliate will pay US$6.5 million and CNY12 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 Yuze Han, Chairman of Stockstar.
"This transaction provides great value to our stockholders and represents an exciting new chapter for our company," said 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."
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