Enlight Media Acquires 27% Stake in Mobile Game Developer
Shenzhen Stock Exchange, 7/01/14
Chinese TV program production company Enlight Media (300251.SZ) announced today that the company has acquired a 26.7% stake in Beijing-based online and mobile game developer Miaoqu Hengsheng Technology for RMB 160 mln. On June 27, Enlight Media and Miaoqu Hengsheng shareholders signed an equity interest transfer agreement, which has been approved by Enlight Media's board of directors.
Miaoqu Hengsheng, established in 2010, is the developer of 3D action MMORPG Daybreak and 3D mobile action card game Blade of God. The company is currently developing mobile game One Hundred Thousand Bad Jokes ("Shiwan Ge Lengxiaohua"), adapted from the eponymous comic book and animated series. The game is slated for release in H2 2014. All of Miaoqu Hengsheng's games are licensed to Chinese game developer and operator Linekong.
Miaoqu Hengsheng's 2013 revenue was RMB 18.20 mln, while net profit was RMB 7.72 mln. The company's revenue for the first four months of 2014 was RMB 14.97 mln, with a net profit of RMB 11.71 mln.
On June 17, Enlight Media announced that the company plans to acquire a 51% stake in Hangzhou-based mobile game developer and operator Refeng Network Technology for RMB 176 mln.
Editor's Note: For more background on this topic, please see "Enlight Media to Acquire 51% Stake in Mobile Gaming Firm Refeng" MD 6/17/14 issue.
Keywords: Miaoqu Hengsheng Linekong mobile gaming profit revenue wireless Enlight Media 300251.SZ Daybreak One Hundred Thousand Bad Jokes M&A
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