ZHEFU (SZ:002266), a Chinese hydropower equipment company,  announced to acquire a 38% stake in 2345.com, a Web directory and browser provider, for RMB760 million ($124 mn) (statement in Chinese). Thus 2345 is at a valuation of RMB 2 billion ($325mn).

ZHEFU will invest in no more than RMB650 million and its biggest shareholder Sun Yi will input no less than RMB110 million, according to the statement. The stake sold will be from Pang Dongsheng, who currently owns 46.2% of 2345.

As of July 2013, 2345 had 30 million users of the directory site and 10 million browser users. The company made RMB139 million in revenue and RMB 15.93 million in profit in 2012. The total revenue for the first half of this year is RMB210 million with RMB33.14 million in profit.

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Tracey Xiang

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