Beijing-based Oceanwide set to buy IDG

Chinese companies are seeking overseas investments in technology sector

Chinese companies are showing more ambition to reach into the international market, especially in the rapidly evolving technology sector, with a major acquisition announced on Thursday.

A Chinese consortium made up of China Oceanwide Holdings Group Co Ltd and IDG Capital announced that they have entered into a definitive agreement to acquire International Data Group (IDG). With operations in 97 countries worldwide, Boston-headquartered IDG is a leading global media, market research and venture company engaging in the most influential technology ventures and buyers. According to Forbes, its 2015 sales revenue was estimated at $3.8 billion. It was the first US publisher to enter the Chinese market in 1980 with the launch of China Computerworld.