Chinese online gaming company Zhongqingbao (300052.SZ) - which operates the ZQGame portal - is expanding its mobile games activities.
According to Technode, it's bought majority stakes in two Chinese mobile developers.
It's paid around $58 million (RMB 357 million) for 51 percent of the shares in More Fun Digital Technology, and around $14 million (RMB 87 million) for a stake in Small-tech.
Dual approach
With over 150 staff, More Fun generated around $1.5 million of profit during the first six months of 2013, of which its game Junwang2 accounted for the majority.
It's thought that Zhongqingbao plans to fully acquire the company over time.
Small-tech is a mobile and browser gaming company, in which internet giant Tencent has a 13.5 percent shareholding. It generated profits of around $7 million in 2012.
[source: Technode]
News
Contributing Editor
A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.
Top Stories
News
May 29th, 2024
Dungeon & Fighter Mobile picks up $66 million on China's App Store in first week
Events
Indie Game Fest & Indie Campus 2024 | Europe | May 31st |
Indie Craft K-Game Festival 2024 | Europe | May 31st |
BostonFig Online 2024 | Jun 1st | |
GameSummit Summer 2024 | Jun 1st | |
Gotland Game Conference 2024 | Nordic | Jun 3rd |
Games Mental Health Summit 2024 | Europe | Jun 3rd |
Dev Play Conference 2024 | Europe | Jun 3rd |
Tribeca Games Festival 2024 | North America | Jun 5th |