PayPal Acquires Full Ownership of Chinese Third Party Payments Platform GoPay

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PayPal has become the first foreign company to acquire full ownership of a third party payments provider in China.

Chinese payments platform GoPay (国付宝) has just seen 30% of its equity transferred from Cofortune Information Technology Co., Ltd. (国富通信息技术发展有限公司) to PayPal Information Technology (Shanghai) Co., Ltd., according to recent changes to Chinese industrial and commercial registration data.

The change means that US company PayPal has become the full owner of GoPay, given that PayPal Information Technology is its fully invested subsidiary, while it also holds 100% of equity in GoPay’s other shareholder, Beijing Zhirong Xinda Keji Co., Ltd. (北京智融信达科技有限公司).

At the start of October 2019 the People’s Bank of China (PBOC) gave its approval to PayPal’s acquisition of a 70% equity stake in Chinese payments company GoPay, making the US company the first foreign-invested firm to gain access to the domestic payments sector.

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