Tang Jun dives back into IT

SHANGHAI: Tang Jun, often dubbed "China's most valuable manager", announced his return to the IT industry yesterday via New Huadu Industrial Group's 250-million-yuan acquisition of four domestic hi-tech firms.

The transaction was made through a mix of cash and equity payments, Fujian-based retailer New Huadu said in a statement issued in Shanghai yesterday. The four newly acquired entities include securities application provider Qianxun Network, game maker Conngame, IT outsourcer Hong Young Technology, and a team from SYSTEX, a financial software and information system provider.

All four will be integrated into Gaotime, which was snapped up by New Huadu in July 2008. Gaotime's 2009 revenue is reportedly in the tens of millions of US dollars, according to Tang, president and CEO of New Huadu.