Wednesday, March 08, 2006 - Chinese Internet startup gets $48M

"But the company, which has been operating profitably for nearly a year, does not expect to go to the public markets in the near future. 'With almost $50 million in the coffers, we are not in a hurry to go public, because being public we would have to devote more time to activities that are more quarterly based,' explained Joseph Chen, Oak Pacific's chairman and CEO.
'We are cash flow positive now, but we will invest more in growth and to acquire growth companies,' Chen said. He added that the company would not be 'buying companies for their earnings.'
Chen would not disclose a valuation on the deal, but said it was very attractive for the company, with dilution typical of a late stage deal. He said the company had multiple term sheets for the round, after talking to fewer than 10 potential investors."

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