ChinaNet Online Holdings, a leading B2B (business to business) Internet technology company focused on providing online-to-offline sales channel expansion services for small and medium-sized enterprises and entrepreneurial management and networking services for entrepreneurs in the People's Republic of China, announced yesterday that one of its founding shareholders entered into a stock purchase agreement with the founder and Chairman of Ever Bright Investment Capital (the "EBI") and another accredited investor. According to the press release, 1,279,080 shares of common stock were sold for $3 million, or approximately $2.35 per share.
"We are delighted to add new strategic investors," commented George Chu, Chief Operating Officer of ChinaNet Online Holdings, Inc. "As a high growth company focusing on expanding its product suite and customer base, the Company will benefit from Mr. Qiu's expertise and resources in helping high growth companies attract talent, upgrade management systems, and find strategic partners. We will also benefit from his network of political and industry contacts that will further enhance our growth initiatives, especially in the south and south east regions in China."
Established nearly a decade ago, EBI is a leading private equity firm in China that focuses on investments in undervalued private Chinese companies and public Chinese companies listed in foreign markets. EBI has invested in dozens of growth companies such as China Grand Auto, Zhengzhou Coal Mining Machinery (A-share 601717), and Rongsheng Heavy Industries (1101: HK). EBI has been elected as one of the TOP 50 PEs in China by both China Venture and Zero2IPO Group in 2011, with offices in Beijing, Chengdu, and Shanghai.
For more information on ChinaNet Online Holdings, visit www.chinanet-online.com
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