Zhonglun Advises on Techfaith Financing 2009-05-20
NASDAQ listed Techfaith Wireless announced on May 18, 2009 that IDGVC Partners and Infinity Capital Limited agree to invest US$20 million in One Net Entertainment Limited through Techfaith’s wholly owned subsidiary Leo Technology Limited. One Net Entertainment focuses on the development and operation of wireless games application software. The US$10 million investment from IDG will be in the form of convertible notes and the US$10 million investment from Infinity will be in the form of common shares. The Zhonglun team, led by Anthony Zhao and including Luke Zhang, Salus Gu and Xu Renjie, has acted as the PRC legal counsel for the investors (IDG and Infinity) throughout the whole process of this transaction.