Oak Pacific plans acquisitions, IPO

Oak Pacific Interactive Corp, China’s second-largest operator of social networking sites, plans to use US$100 million for acquisitions, according to chairman Joe Chen, Bloomberg reported. Oak Pacific owns Xiaonei.com, a social networking site with 25 million users, video-sharing site Uume.com and online news provider DoNews.com. Chen said the company may target publicly traded Chinese internet companies that have underperformed and generate annual revenue of about US$50 million to US$100 million. Oak Pacific would also seek an initial share sale in about two years, he said.