Longmaster, IDG Establish Mobile Gaming VC
Sfw.cn, 3/19/14
Guiyang-based online entertainment provider Longmaster Information & Technology (300288.SZ) has announced that the company has signed an agreement with Guangdong Pacific Technology, a wholly owned subsidiary of IDG Capital Partners, to establish "Langyou Capital" ("Langyou Ziben"), a VC fund focused on the mobile gaming sector. The new company has registered capital of RMB 20 mln, with ownership split 50:50 between Longmaster and IDG. Langyou Capital is temporarily registered in Lhasa, Tibet.
The Langyou Capital team is comprised of Lv Shifeng, Wang Wei, Zheng Lan, and Yang Fei. Among these, Lv Shifeng is the CEO of Beijing-based mobile game developer Mengcheng Interactive Technology, and Zheng Lan is an investment manager at IDG Capital Partners. Mengcheng Interactive is a Longmaster-controlled company.
Mengcheng Interactive plans to release a mobile gaming platform in Q2 2014, and will feature a number of games which have received Langyou Capital investment. According to the new VC, if Langyou Capital chooses to sell its shares in any gaming company in which it has invested, Longmaster has preferential purchase rights.
Editor's Note: For more background on this topic, please see "Longmaster Takes Controlling Stake in Mengcheng" MD 10/08/13 issue.
Keywords: Zheng Lan Yang Fei Longmaster mobile gaming Wang Wei investment wireless VC 300288.SZ Mengcheng Lv Shifeng IDGVC
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