SOFTBANK ASIA INVESTS IN SOCIAL NETWORKING SITE PENGPENG.COM
AsiaInfo Services, December, 2005
AsiaInfo Services 12-08-2005 Softbank Asia Invests in Social Networking Site Pengpeng.com SHENZHEN, Dec 08, 2005 (SinoCast via COMTEX) -- Softbank Asia Infrastructure Fund, a leading venture capital in Asia, turns its eyes to Pengpeng.com, a Chinese online social networking site and invests USD 12.5 million. After years of negotiation, SAIF and Pengpeng.com jointly make out a two-year development plan and expect to push the Internet company to go public in the US in 2007.
Sources indicate that SAIF has transferred USD 12.5 million to the account of the Chinese company while is expected to inject additional investment later. Shenzhen Haotian Investment Co., Ltd., a cross-media interactive entertainment service provider, is the founder of Pengpeng.com, which is...
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