Aisidi (SZ:002416) announced yesterday it had reached agreement with mAPPn, which runs Gfan.com and its mobile apps, to acquire up to 100% of stake in the latter.

Aisidi will at first acquire a combined 54.12% stake owned by all other shareholders excluding Tan Yi, CEO of Gfan. Then the company would acquire 30% of shares owned by Tan Yi if Gfan recorded more than 18 million yuan in net profit by the end of this year. If Gfan recorded 50% of the net profits Tan Yi promised, Aisidi would acquire the rest of it. Tan promised to realize annual growth in net profit of 100%, 30% and 30% in 2014, 2015 and 2016, respectively.

It looks like a deal for former investors to exit but a tough one for Mr. Tan. Gfan raised $5 million in Series A funding in 2010, planning to become the first app store to go IPO in 2013 or 2014.

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Tracey Xiang

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