China.com Sells Their News Portal For $11.7 Million
China.com Inc. is a public company based in Hong Kong that owns the news portal China.com. According to TheNextWeb, China.com Inc. has sold the China.com website and assets to Global Broadcasting Media Group for HK$90.8 million (around US$11.7 million).
China.com Inc. is selling the website because they believe it “represents a good opportunity to dispose of [this] non-profitable business.” China.com Inc. will use the funds for other web content, services, and advertising businesses.
China.com Inc. was one of the first Chinese technology companies to list on the U.S. and Hong Kong stock exchanges when joining the NASDAQ in July 2009. The company traded as CDC Software Corp, but was delisted in December 2011 due to public interest concerns and due to a bankruptcy protection filing.
China.com was founded in 1997 and they sell online games, mobile apps, and enterprise software. The deal with Global Broadcasting Media Group is expected to close at the end of July.