Leyou Tech moves into TV and film makingBusiness | 8 Mar 2019 6:17 pm
Mainland video game maker Leyou Technologies (1089) has entered into an investment agreement with Chengyou (Shanghai) Development Company to develop radio/television programs and film production, broadening income sources and bringing synergies to its existing game development and publishing business.
According to the agreement, Famous Champion Limited, an indirect wholly owned subsidiary of Leyou Technologies will subscribe for about 70 percent of the equity interest of Chengyou by way of a capital injection of 100 million yuan(HK$116.8 million).
Chengyou has effective control over the finance and operations of Xiangshan Dacheng Tianxia Culture Development, which is in the business of radio/television programs and film production. Dacheng Tianxia owns 51 percent of equity interest in Shanghai Nuoxin Culture Media, 51 percent of equity interest in Beijing Zhongyuan Jixiang Culture Media, 51 percent of Shanghai Rongshuo Culture Media and 35 percent of Sina Film and Television Culture Development.