The e-book industry is heating up in China and Goldman Sachs and Temasek Holdings are hoping that Cloudary will be a page turner.
Goldman Sachs and Singapore investment company Temasek Holdings have invested $110m into China online book company Cloudary.
In a statement, Cloudary said that the proceeds raised will primarily be used to further enhance its incentive scheme for writers, secure literary content, develop and market its mobile Internet products and applications, upgrade the technology and operational infrastructure, as well as contemplating strategic investments and acquisitions for both vertical and horizontal expansion across the entertainment content value chain.
Xiaoqiang Hou, chief executive…
