8 Mar 2010 07:00
CPE.L
China Private Equity Investments Holdings Limited
("CPE" or the "Company")
CPE invests in high growth businesses in
China delivering shareholder value via subsequent IPO or trade sale exits
Valuation of Fortel investment up 26% to US$23.9M
The Board of CPE is pleased to announce that Fortel BVI ("Fortel"), a portfolio company, has secured additional investment from non-related CPE investors of HKD 24 million (c. US$3.1 million). This investment now values the Fortel business at US $64.5million and represents a 29% increase in US dollar terms when compared to its last valuation in September 2008 of US$50 million at which point CPE invested.
Following this additional investment, CPE's holding in Fortel has been reduced from 38.0% to 37.1% while the implied value for its Fortel shares (based on this transaction) has increased by c.26% from US$19M to US$23.9M.
Fortel is well positioned to become the premier electronic content publishing and distribution network in Greater China by providing an integrated platform that supports convergent, streaming, and social media services to help content providers reach their target audience through broadband and mobile internet
Fortel has developed an integrated content distribution platform known as the Fortel Online Content Utility System ("FOCUS") which is an infrastructure for content providers to deliver their content to customers by integrating content servers, payment collection and settlement interfaces, customer databases as well as network security services.
Fortel also operates a social networking site in China called iHompy (www.ihompy.com), which is a leading community site with over half a million registered users, connected through a common theme of photography and photo storage, and working closely with leading search engines and e-commerce operators in China such as Baidu (www.baidu.com) and Taobao (www.taobao.com)..
Duncan Chui, CPE's CEO commented:-
"We are delighted by Fortel's performance over the last eighteen months as it has gone from strength to strength. 2010 will represent an exciting year for Fortel as it continues to expand its content network and raise its corporate profile through continuous improvements of its services offerings. I look forward to reporting further progress in due course".
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