Sohu IT, 1/03/14
China Telecom (NYSE: CHA; 0728.HK) recently announced that the company is seeking investors for its wholly-owned independent subsidiary, Dazzle Interactive, operator of mobile gaming portal E-Game ("Ai Youxi"). The company plans to raise RMB 300 mln for Dazzle product development, promotion, and operation, as well as mergers and acquisitions.
China Telecom is seeking domestic enterprise investors primarily involved in the internet, gaming, and entertainment-related industries. The company will give priority consideration to listed companies valued at more than RMB 5 bln. Financial institutions that wish to invest must also be domestic enterprises with rich industry resources and assets under management of no less than RMB 2 bln.
Dazzle Interactive, established in September 2012, has registered capital of RMB 200 mln. The E-Game portal has a registered user base of 120 mln mobile gamers, with an active user base of 30 mln.
Editor's Note: For more background on this topic, please see "China Telecom Spins Off Gaming Base" MD 8/13/12 issue.