From Yahoo,
BEIJING, China–(BUSINESS WIRE)–Oak Pacific Interactive (OPI), the leading provider of Web 2.0 communities in China, announced today that SOFTBANK Corp. has agreed to lead an investment totaling $430 million for approximately 35% of the company. The investment will be used to augment the market leadership of Oak Pacific’s Xiaonei.com, China’s largest social-networking site. SBI and JOHO Capital also participated in the funding.
Xiaonei.com is a full-featured community and social networking destination that provides an immersive experience for its users. Features of the site include multiplayer gaming and wireless value-added services for mobile users. In the college market, Xiaonei.com has a dominating market share. OPI also owns and operates Mop.com, the largest entertainment portal, and Donews.com, one of the leading IT blogging services in China.
Oak Pacific also announced that Masayoshi Son, President and CEO of SOFTBANK Corp. will join its Board of Directors.
Joseph Chen, Chairman and CEO of Oak Pacific, said, “We are honored to welcome SOFTBANK as an investor and to have Mr. Son join our Board of Directors. SOFTBANK’s commitment reinforces our mission to develop world-class, scalable businesses that leverage the tremendous growth potential of consumer internet market China. We will use this capital to further our aggressive growth strategy for Xiaonei.com and ensure that it sustains its leadership and innovative spirit for many years to come.”
Existing investors of OPI include General Atlantic, DCM, Technology Crossover Ventures, Accel Partners, and Legend Capital.
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