Chinese B2B e-commerce platform Hc360.com has reached a purchase deal with Zol.com.cn, an information technology vertical portal website in China, worth CNY1.5 billion.
The acquisition deal covers several assets, including Zol.com.cn, Zol.com, and Ea3w.com. ZOL stands for Zhongguancun, which is the name for the area in Beijing rife with universities and technology companies. Zhongguancun is considered the Silicon Valley of China.
Hc360.com will pay 30% in cash and the remaining 70% will be realized via new stock issued by Hc360.com to the overseas sellers. As the largest shareholder of Zol.com.cn, Liu Xiaodong, who owns a 60% stake in the company, will gain CNY900 million from the deal.
At the same time, Zol.com.cn executives promised that the company will achieve post-tax net profit of CNY100 million, CNY130 million, and CNY170 million in the next three years.
At the beginning of 2015, Zol.com.cn was separated from CBSi Group and moved its office from E-wing Center to Dinghao Plaza in Beijing. Prior to this, rumor said JD.com would invest in Zol.com.cn; however, the news was denied by Liu Xiaodong.