IDG Capital Partners, the China-based corporate venturing unit of media publishing company IDG, is set to China-based healthcare internet portal 39.net after 39.net’s company is acquired, Asian Venture Capital Journal has reported.
Software company Longmaster Information & Technology has agreed to acquire China-based Guangzhou Qisheng Information Technology, the portal which operates 39.net, for RMB 650m ($105m). Longmaster will buy the company in a share swap and cash deal.
IDG paid $15m for a sizeable stake in 39.net after it was spun out from Chinese state-owned pharmaceutical company 999Group in 2006, and later renamed the holding company, though the size of the stake held has not been disclosed.
39.net has more than 120 million customers and provides healthcare information through an online platform that enables users to contact doctors for advice.