Newhuadu Group has announced intentions to acquire Inxite and Tang Jun, president and CEO of Newhuadu Group, will be the president of Inxite.
Tang Jun, former president of Shanda Corporation, joined Newhuadu Group on April 15, 2008. He oriented the strategy of Newhuadu to implement acquisitions. The acquisition of Inxite marks the completion of the first deal since Tang took the position of president of Newhuadu.
Tang told local media that Inxite is a financial information company with a total value of more than CNY100 million. After the acquisition, Newhuadu Group will own more than 60% stock of the company. The acquisition is the first step for Newhuadu Group to enter the IT industry and the group will make more acquisitions that are related to the IT industry.
An insider of the Newhuadu Group says that the group plans to list Inxite after the completion of the acquisition.
Founded in June 1994 and headquartered in Haikou, Inxite is a high-tech company that focuses on financial database development, information and technology platform development, securities information service, securities investment counseling and Internet development.