Business

Tom.com Denies Total Acquisition Of Xinhua Bookstores

Tom.com's recent close cooperation with Xinhua Bookstores has caused many rumors, but according to Mr. Wang Shen, CEO of Tom Group, Tom.com will not acquire every Xinhua Bookstore outlet in China. Instead, Tom.com will first choose several provincial bookstores for cooperation.

Tom.com's publishing service has grown much slower than its online businesses, causing angst among investors who rely on Tom.com's "cross-media" strengths.

Wang said although they have contact with many provincial and city-level Xinhua Bookstores, Tom.com will focus on cooperating with only one or two of them by the end of this year.

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