Netsun starts to spend

According to our IPO tracking, Zhejiang Netsun is the first B2B media company to list in China. Following its December IPO in Shenzhen, it has been doing pretty well, riding the wave of the China stock market boom/bubble. Its market cap currently stands at $454 million.

Now, its starting to spend that money and move into other verticals with the acquisition of efu.com.cn, an apparel industry portal which ranks #16 in our tracking of the top 59 B2B web sites in the region. Netsun's own flagship, chemnet.com.cn ranks at 12.

The acquisition of 51% for Rmb3.35 million looks like a pretty good deal. Keep an eye on Netsun. It might get quite interesting. And, no, that is not a "buy" recommendation from me. I don't know it well enough. We last posted about Netsun here although you'll have to look hard to find the comment buried in the middle of a good rant about sexism in Asian media. Very PC of me!