Sohu Tech claimed they received an internal e-mail from Tencent (in Chinese) that read,

The Qidian team refers to the those led by Qidian founder Wu Wenhui that left Shanda’s Cloudary last month. It was rumored that the team was soon approached by a few willing investors including Baidu and Tencent.

Cloudary, former parent company of the Qidian team, became the industry leader in recent years and has long planned to go IPO in the U.S.. Now, not only hasn’t the IPO plan carried out, but also strong rivals emerged.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com