Reverse takeover sets Tang as chairman
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Tang Jun, a former Microsoft China and Shanda Entertainment president, has become chairman of a Nasdaq-listed firm through a reverse takeover which was completed Wednesday.
Nasdaq-listed China Architectural Engineering Inc yesterday said it has completed a majority stake acquisition of Shanghai Conngame Network Ltd, whose chairman is Tang Jun.
CAE has acquired 60 percent ownership of Shanghai Conngame, an online game developer and operator, for 25 million shares of CAE's common stock, according to CAE's statement.
CAE also announced Tang was its new chairman effective at the close of the acquisition on August 18.
"I am very excited about this opportunity to return to the gaming industry and to quickly develop and grow CAE's new business," Tang said in the statement.
Tang was regarded as a poster-boy of China's IT industry after he was appointed as Microsoft China's president. He led Shanda, the country's No. 2 game firm, to list on Nasdaq when he was president of the company.
Recently Tang found himself at the center of a controversy over his academic qualification. He was not a graduate of the California Institute of Technology as he stated in his memoirs and interviews. He holds a diploma from Pacific Western University in California. But the university's Hawaii branch was closed by United States government in 2006 for selling degrees. Tang's diploma was in electronic engineering, not computer science as he has claimed.
After Shanda, Tang joined Newhuadu Group as president. Conngame is its unit.
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