Australian Telecom to acquire Internet Media Group "Pacific Network"

Abstract: Sina Science and technology news July 31 morning, media reports today, auto large shareholder in Australia Telecom, to 800 million U.S. dollars to acquire Internet media Group "Pacific Network." Since the Pacific network has been listed in Hong Kong, the report said after the acquisition auto

Sina Science and technology news on the morning of July 31, media reports today, auto large shareholder in Australia Telecom, to 800 million U.S. dollars to acquire Internet media Group "Pacific Network." Since the Pacific network has been listed in Hong Kong, the report said that after the acquisition of auto will be realized by the backdoor listing. Auto insiders said the company did not have any relevant information.

The report said the acquisition by the Australian Telecommunications China region CEO Xiaowei Fencing. But Sina technology to Chen personally confirmed that she has recently left Australia Telecom, and said the news is not convenient to comment.

The acquisition is the main way for Australian Telecom to expand its business in China's Internet circle. In 2006, the Australian Telecom bought a stake of SouFun 51% with 250 million dollars. 2008, the Australian Telecom has acquired auto, IT168 and other sites of the company's Hao Chen media and bubble.

It is noteworthy that most of the companies bought by the Australian telecom have performed well thereafter. In the case of SouFun, SouFun's share price has doubled in the last five years.

Pacific Network is an Internet media group, its operations include Pacific, the Pacific Automotive Network, the Pacific Games Network, the Pacific Women's network, such as six major sites. The 2006-2008 was the most prosperous stage of the domestic vertical web site, but then gradually decline. Pacific of the Pacific Network is one of the vertical websites that still have a good influence.

The Pacific Network entered HKEx in 2007 with a price of HK $3.3. Since the IPO, the shares of the Pacific network have been hovering between HK $3-5, opening at a price of HK $3.34 today. Shares in the Pacific network rose 6.9% after news of the takeover.

Media reported today that auto, a major shareholder in Australia, wants to buy the Internet media Group "Pacific Network" at a price of 800 million dollars. Since the Pacific network has been listed in Hong Kong, the report said that after the acquisition of auto will be realized by the backdoor listing.

Auto official responded that there was no relevant information inside. and auto a senior to deny. Pacific Editor-in-Chief Peng Junli also said there was no information on acquisitions. An investment banker told Sina technology that it had heard of similar news before, but was not sure if it was true.

Auto is currently the largest vehicle portal in the country, and has been planning an IPO. However, due to the poor environment of capital market since 2011, the auto has been in a state of wait-and-see IPO.

It is noteworthy, however, that auto CEO Qingeo was interviewed by Bloomberg last week, although Qingeo declined to comment on the listing, revealing only that the company might seek a U.S. listing at an opportune moment. The listing is also inconsistent with the rumored Hong Kong location of the "backdoor listing".

According to Qingeo, auto operating income is now 100 times times more than six years ago, breaking through 1 billion yuan (163 million USD) last year. Today, the company has more than 1000 employees, the same name of the site to attract effective users estimated up to 6 million of the public, Bloomberg said if the auto market will bring shares of 66% o electricity in return. (LI)