China's Internet giants such as Tencent and Baidu.Com Inc. (BIDU.NASDAQ) are investing in the planned initial public offerings (IPO) of digital marketing solutions provider - Hylink Digital Solution Co., Ltd., reported Xinhua-run cnstock.com Monday.
The two's operating entities, which are also suppliers to Hylink, each bought 2.26 percent of equities in the company for 15 million yuan in cash, at a price of 65.02 yuan for every 1 yuan of the registered capital. However, after Hylink Digital Solution introduced three other investors, their stakes both dropped to two percent as each yuan of its registered capital was subscribed at a price of 89.78 yuan.
Currently, Hylink Digital Solution is actually controlled by Su Tong, who owns 78.34 percent equities and some other stakes via the company's wholly-owned subsidiary. It mulls issuing no more than 50 million shares in a bid to raise 1.072 billion yuan. It plans to spend 710 million yuan on expanding its services networks nationwide, 43.47 million yuan on upgrading its technology system, 170 million yuan on paying back loans and 150 million yuan on boosting working capital.
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