ChinaMallUSA.com Backs Out of SunTech Acquisition
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ChinaMallUSA.com Inc., an e-commerce company focused on China, has backed out a 60 percent investment in New York-based SunTech Inc., which provides electronic securities trading facilities and information services for day traders.
"We have revisited the investment in SunTech and decided that in order to focus on ChinaMall's long-term strategy, it is in the company's best interest to rescind the transaction with SunTech," said ChinaMallUSA.com Chief Executive Officer Max Chen.
ChinaMallUSA's business model is to market Chinese and U.S. products through the Internet. The company has a license from the Chinese government to market goods in China.
The e-commerce firm says that its services include Internet marketing, selling information, and Web leasing. It has developed three Web sites, chinamallusa.com, chinamall.net, and wholesaleglobal.com, for e-commerce between the U.S. and China allowing direct access to products and services by companies and consumers in both countries.