Kong Hong-based game developer Animoca has been consolidating its corporate structure in recent months.

It's currently in the process of breaking off its branded games division into a separate company that's reverse-listing on the Australian Stock Exchange.

Now comes news that the company has sold a controlling interest in its most popular franchise, the fashion game Star Girl.

Strategic investment outfit Crosby Capital (HK:8088) will buy a 70 percent stake in a cash and stock deal worth around $10 million, although this could rise to $21 million if performance bonuses are met.

Cross-over value

Animoca (aka Outblaze Ventures) will continue to operate the game and will maintain its 30 percent share of the new joint venture company.

For its part, Crosby is looking to expand the brand into mainline China, with particular attention focused on the online-to-offline retail opportunities.

"The Star Girl game is of the few mobile games targeting female users, and we believe this will provide the Crosby Group with the advantage of tapping into the expanding yet under-exploited market," commented CEO Kelvin Wu.

"We also believe that the applications of the Star Girl game will have the potential to collaborate with other products that target similar end users such as toys and fashion products and have strong synergies with the existing operation of the Crosby Group for the development of an innovative online-to-offline platform."