Yahoo!, Founder to buy stakes in MIT

Yahoo! Inc and Hong Kong-based Founder, a unit of one of China’s biggest

software developers, plan to gain control of Hong Kong-listed Management

Investment and Technology Holdings (MIT) to invest in China ventures, says the

South China Morning Post newspaper.

Yahoo! Will buy a controlling stake in MIT, which now makes smoke detectors.

Founder will buy about 20% of the company. It will sell its ecommerce and other

internet assets to MIT while overseeing three ventures planned by Yahoo! And

Founder in China.