Zhongqingbao expands its mobile reach, gaining majority stakes in More Fun and Small-tech

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]