「Five days later, on September 23rd.」
Ali Baba's brand department officially announced that the company, in partnership with Lotte and Augusta Capital, would acquire FoxTao—the country's leading e-commerce shopping guide—through an equity swap.
The 74.48% stake held by Chen Yansen's Senlian Capital was jointly purchased by Ali, Lotte, and Augusta Capital.
Chen Yansen successfully cashed out 12 billion from the transaction.
Although he still had to pay over a billion in taxes, Chen Yansen's ten-billion-plus net worth was finally the real deal—not just a valuation or market cap.
As for the shares held by Penguin and Siwei Capital, the transaction was kept exceptionally low-key, but it was exposed by industry insiders within two days.
Penguin raked in a cool 2 billion!
Siwei Capital pocketed 1 billion!
All at once, investment firms across the country set their sights on Chen Yansen and his Orange Technology.
