The Singaporean software company Lan-Ray attempted to enter the prepaid cash card (PCC) business in China. Equity funds were sourced to acquire Protection Communications Network (PCN), a payment intermediary in Quanzhou, China, with a vast payment network that could be instrumental to the success of the PCC business. However, PCN would need to demonstrate profitability before it could obtain the licence to run the PCC business.Together, Lan-Ray and PCN ventured into the mobile phone campus e-card business, which was initially thought to be able to help PCN achieve profitability in the short run. However, the campus e-card business did not prove to be as profitable as expected. At the same time, the acquisition of PCN by Lan-Ray was problematic, as PCN was unwilling to transfer shares to Lan-Ray. How could Lan-Ray’s CEO finish the acquisition of PCN and make the campus e-card business profitable?
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