Chinese film and television publisher Beijing Enlight Media will invest 230 million RNB (US$37 million) in cash for a 20 per cent stake in online game developer Guangzhou Xianhai Internet Technology.
According to GXIT, the Chinese studio plans to expand into mobile games this year. The company made a net profit of 57 million RNB (US$9 million) on revenues of 158 million RNB (US$25 million) in 2013.
Beijing Enlight Media, one of China’s largest media houses, is looking to join the country’s fast-growing Internet and mobile games market. Last year Chinese game revenues rose 38 per cent year-on-year to 83 billion RNB (US$13 billion).
Trade in BEM shares on the Shenzhen Stock Exchange has been suspended since 3 March in conjunction with the planned GXIT acquisition.
