Jinan acquires Hangzhou to expand reach into Zhejiang and other southern in Republic of China
(Business News, 31 Jan 2007 )
By Vinod Kataria
Jinan Yinquan Technology Co. Ltd, a wholly owned subsidiary of China VoIP & Digital Telecom Inc., has acquired Hangzhou Zhongfang a Voice-over Internet Protocol Services (VoIPS) provider based in the Zhejiang Province. The acquisition will expand the Company’s reach into Zhejiang and other southern in the People’s Republic of China.
Under the terms of the agreement, Jinan will acquire existing VoIP infrastructure from Zhongfang to facilitate future VoIP sales and services in the Province. The acquisition will also provide a platform for Jinan Yinquan to develop and expand its VoIP business in adjacent southern provinces.
Li Kunwu, president and CEO of China VoIP & Digital Telecom, said, “We have been working with Zhongfang for over three years. They were an ideal acquisition candidate for us to expand our market into Zhejiang Province which has a population in excess of 50 million people with per capita disposable income growing at a rate as high as 10.4 percent annually. We are also big proponents of the Internet café concept and Zhongfang has established a solid base of business in this burgeoning market segment. We anticipate this agreement will significantly increase our annual revenue but is also a significant step forward in our nationwide expansion plans.”
