Tencent literature and Cloudary, formerly known as Shanda Literature, have jointly established a new company named Yuewen Group.
An internal email from Wu Wenhui, chief executive officer of Yuewen Group, revealed that the group will invest up to CNY100 million in the purchase of non-networking literature contents in 2015; meanwhile, the company plans to cooperate with various publishing organizations to expand e-book opportunities.
Wu said in the email, according to reports in Chinese local media, that Yuewen Group aims to promote the reading habit of the entire population of China and each member of the group will endeavor to realize this goal no matter how long it takes.
With the founding of Yuewen Group, all online publishing sites and digital reading services owned by Tencent literature and Cloudary will be unified and operated by the group. Yuewen Group currently has over three million books, nearly 100 million users, nearly CNY2 billion annual incomes, and a team of 1,200 people.