Newly listed companies are becoming popular investment targets for some of China’s tech giants, with online classified site 58.com (NYSE: WUBA) and video sharing site Xunlei (Nasdaq: XNET) both picking up major new backers in the form of Tencent (HKEx: 700) and Xiaomi, respectively. Meantime in other IPO news, a long-delayed domestic IPO for the website of the official Xinhua news agency is finally moving ahead, some 2 and a half years after a deal was first rumored. The case of Xinhuanet is particularly interesting because Xinhua and People’s Daily, the official Communist Party newspaper whose People.com (Shanghai: 603000) website is already listed, recently merged their 2 money-losing online search sites. Read Full Post…
Mobile game operator Chukong is back in the headlines with its latest filing for a New York IPO, while recently listed 58.com (NYSE: WUBA) is also making news with word that it’s eying strategic acquisitions to complement its popular online classified advertising site. Chukong’s newly released financials reveal that it’s growing at lighting speed in the attractive mobile games space, even as its losses also mount. Meantime, 58.com’s M&A plan looks quite attractive to me, as it attempts to build a diversified classified advertising site that we haven’t seen emerge in China so far. Read Full Post…
