China's Weibo ups stake in Inmyshow Digital with $315 million acquisition

China's Weibo Corp said on Wednesday it was raising its stake in Shanghai-listed media marketing firm Inmyshow Digital Technology Group Co Ltd through the acquisition of ShowWorld Hong Kong Ltd for 2.16 billion yuan .

ShowWorld Hong Kong, a subsidiary of Chinese technology company SINA Corp, holds an 18.4 per cent stake in Inmyshow Digital Technology. On completion of the deal, Weibo will own a cumulative 26.57 per cent stake in Inmyshow, becoming its biggest shareholder. Inmyshow Digital Technology provides its clients with marketing strategies and social media operations. It also assists with maintenance and technical support. Weibo's Chief Financial Officer Fei Cao is currently a board member at Inmyshow.

Earlier in the day, Weibo said its quarterly revenue fell 27 per cent to $448 million, adding that its monthly active users rose to 586 million in December. It reported a drop in adjusted profit for the quarter.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

3D printer company pays $2.77 million for violating China export curbs -Commerce DeptWASHINGTON : 3D Systems Corp on Monday agreed to pay $2.77 million in penalties to settle with the U.S. Commerce Department for illegally exporting to China controlled design drawings for military electronics and spacecraft, the Commerce Department said.In addition to the Commerce settlement, the company
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »