ChinaNet Online acquires remaining interest in SouYi for $6.5M ChinaNet Online announced that it will purchase the remaining 49% of the equity interest in Sou Yi Lian Mei Network Technology Co. Ltd. for approximately $6.5M in cash. SouYi provides online advertising and marketing services to small startup businesses. The company will fund the acquisition through cash on hand and operating cash flows. ChinaNet expects the transaction to close by the end of Q4. Upon closing, SouYi will become a wholly-owned subsidiary of the company.
ChinaNet Online announces microcredit lending partnership with Shanghai Pudong ChinaNet Online announced that it has entered into a partnership with Shanghai Pudong Development Bank for a cooperation framework to launch a credit card and loan microcredit product for small enterprises and individual entrepreneurs including franchisees and chain store investors. A nationwide commercial bank with total assets of over RMB 3.96T as of September, 2014, SPD Bank and ChinaNet will cooperate to provide a safe, convenient, and transparent service for franchise businesses and entrepreneurs to help solve the difficulties of micro-lending for those often excluded from financial services. The new product is now in the design and finalization process, and will be officially launched by Q3.