Tencent Industrial Investment Fund Invested in Shanghai Weaver Network Technology
(Yicai Global) July 27 2020 – Shares of Weaver Network surged to a historic high today after the Chinese office software maker said that Tencent Holdings’ investment fund will become its largest institutional shareholder.
Weaver Network’s stock price [SHA:603039] jumped by the daily limit of 10 percent to CNY85.54 (USD12.20) this morning.
Tencent Industrial Investment Fund (TIIF) will spend CNY771 million (USD110.1 million) for a 5 percent stake, the Shanghai-based company said in a statement yesterday. That won’t change the position of the controlling shareholder, which is Wei Lidong and parties acting in concert, as they have more than 52 percent of the equity.
TIIF is optimistic about the target firm’s business prospects and there should be more collaboration between the parties in the future, the buyer said in a separate statement. The Shenzhen-based tech company’s investment vehicle will get to appoint a member to the board of directors.
Before this, TIIF has invested in firms such as mapping software maker NavInfo, revenue management platform-owner Boss Software, battery manufacturer Bubugao Electronics Industry, and supermarket chain Yonghui Superstores.
Editor: Emmi Laine
Tencent and Weaver Press Conference on the Integrated Platform of Wecom and Weaver Office Automation Platform