Pagoda gets fund­ing from Tiantu, oth­ers

China Daily (Canada) - - TORONTO -

Pagoda, China’s largest fruit shop chain based in Shen­zhen, Guang­dong province, an­nounced on Wed­nes­day it ob­tained 400 mil­lion yuan ($62.7 mil­lion) in Se­ries A fund­ing, the sin­gle largest fi­nanc­ing se­cured in the do­mes­tic fruit chain re­tail in­dus­try. Tiantu Cap­i­tal, which spe­cial­izes in con­sumer goods in­vest­ment, in­vested 350 mil­lion yuan in this round of fi­nanc­ing, and be­came the sec­ond-largest share­holder of Pagoda af­ter the in­vest­ment. but the cur­rent slow­down has slammed the brakes on its am­bi­tions. The crack­down on cor­rup­tion has also con­trib­uted to tardy sales of lux­ury cars in China, lead­ing Sun­fonda last month to an­nounce a 75 per­cent slump in its first-half net profit. pro­vid­ing vir­tual car­rier ser­vice last year by rent­ing tele­com in­fra­struc­ture from China Uni­com and China Tele­com Co Ltd.

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