China’s Zhaomi, Kee Ever Launch $360M Video Game M&A Fund


Beijing-based Internet technology company Zhaomi Group has formed a strategic partnership with Jiangsu province-based online video game company Kee Ever Bright Decorative Technology Co., Ltd. to launch a RMB3 billion (US$360 million) video game M&A fund, according to Chinese media reports.

The first phrase of the fund will raise RMB1 billion (US$140 million), and will focus on investing in video games production, development and distribution companies with an eye to create value via mergers and acquisitions internationally.

"The global video games industry has a history of over 50 years, and there are many advanced technologies in the world. It is an opportune time to launch a buyout fund targeting the international market," said Chen Yang, founder of Zhaomi Group.

In 2016, video game market in China was estimated to worth RMB165 billion (US$24 billion). A total of US$28 billion in merger and acquisition transaction value was recorded in the industry last year, due to Tencent Holdings Ltd’s US$8.6 billion blockbuster acquisition of Finland-based mobile game development company Supercell.

Zhaomi Group was founded in 2011 by Chen Yang, former lead producer at U.S.-based Electronic Arts Inc. The company previously raised a RMB130 million (US$18 million) series B round from Fosun Kinzon Capital and Bluerun Ventures.

It later raised an undisclosed amount of series C round from online video platform Youku Tudou and Beijing-based game developer Ourpalm.

Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
 
China Expert network

RELATED NEWS



LEAVE A REPLY