Home   >   Deals

SkyMobi realises $9 million gain on sale of Fangcun shares

Alpha Animation buys into mobile games
SkyMobi realises $9 million gain on sale of Fangcun shares
Date Type Companies Involved Size
Jun 18, 2014 other Guangdong Alpha Animation and Culture SkyMobi $9m

Chinese app store and casual mobile game publisher SkyMobi (NASDAQ:MOBI) has announced it's sold its shares in developer Shanghai Fangcun Information Technology (aka Fangcun).

SkyMobi had an equity stake of 37.9 percent in the company.

It's sold this to Guangdong Alpha Animation and Culture.

SkyMobi said it had receive a capital gain of $9 million (RMB 56.4 million) on the deal.

Alpha Animation is a toy manufacturer (previously called Auldey) that's branched out into digital content and is listed on the Shenzhen Stock Exchange under the ticker SZ:002292.

Looking forward

SkyMobi CEO Michael Tao Song pointed to the strong collaboration between his company and Fangcun over recent hit Monster x Monster.

"The success of Fangcun as well as the increasing recognition of SkyMobi's other strategic investments demonstrate our strong capabilities in discovering and cultivating game developers," he added.

"Going forward, we may further leverage our broad platform and explore opportunities of investing in such talented emerging gaming developers, adding an additional avenue of growth in near future."

While there is extreme competition over Chinese hardcore mobile gamers in the card-collection and RPG genres, SkyMobi's main focus is publishing casual mobile games.

Its Maopao app store has 147 million registered users, including 25 million monthly active users.

[source: SkyMobi]