Yesterday, our reporter got news from industry insider, saying that Tang Jun, former President of Shanda Interactive, has joined XinHuaDu Industrial Group. Co., Ltd. As confirmed by spokesman of XinHuaDu,  Tang will be the president of the company.  

Chen Fashu, Chairman of the board, owns a capital of RMB 19.93 billion, who used to rank 16th in Chinese Richest List by Forbes in 2007. He started his fortune by a small grocery in Xi'men in 1987. Soon became the richest in Fujian Province because of the sharp increment of Zijin Mining shares and other assets.

The situation of XinHuadu just the same as the former information revealed by Tang Jun. Tang said his new employee was a traditional enterprise with operation in multiple industries.

Yesterday, spokesman from XinHuaDu said one of its subsidiary in charge of shopping malls was going IPO in Chinese A shares, planing to finance RMB 400 million. The listing materials was now under audition. And Zijin Mining, its other holding company, has finished A Share debut, going IPO in the near future.
In year 2005, Xin Hua Du opened its first superstore in Fuzhou, Fujian.Two year after, Xin Hua Du went through BPR (Business Process Reengineering) to part of its assets, and founded Xin Hua Du Industrial Co.,Ltd. The group has investment in Superstores, malls, engineering machines and real estate. It also touring development companies and mining industry.