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FunPlus Group Sells Wholly-Owned Gaming Subsidiary(August 19, 2014)
SAN FRANCISCO, CA -- (Marketwired) -- 08/19/14 -- The FunPlus Group, a worldwide mobile social gaming company with offices in San Francisco, Vancouver, and Beijing, today announced that it has entered into an agreement with Zhongji Holding (600634.SH), a publicly traded company based in Shanghai, China. Per the terms of the deal, Zhongji Holding will purchase DianDian Interactive, a FunPlus wholly-owned gaming subsidiary which produces and distributes top social and mobile simulation games, for up to $960M. The deal is expected to be completed by 2015 and is subject to regulatory approvals.
The agreement provides FunPlus and Zhongji with opportunities for long-term growth and development in line with each company's respective business strategies. Zhongji will expand its current portfolio with a profitable and growing gaming and entertainment business, and FunPlus will receive broadened access to the Chinese market, Zhongji's public market management expertise, and substantial capital to invest aggressively in global market expansion.
DianDian Interactive, a FunPlus wholly-owned gaming subsidiary, is a profitable and growing developer and publisher of simulation games on mobile and social platforms. The company is focused on both internal development of games and partnering with top Chinese game-makers for global success. DianDian Interactive distributes games including the global hit Family Farm, which is available in over 16 languages. More than 4 million people play DianDian Interactive's games every day.
"The mobile market in Asia, and especially in China, will be a massive driver of growth for our industry," said Andy Zhong, CEO and co-founder of FunPlus said. "We believe it will grow exponentially, and that Chinese public market investors will highly value innovative gaming and entertainment companies with global vision."
The FunPlus Group will aggressively focus on talent acquisition, as well as great technology, content, and platform investments with the goal of accelerating its global expansion.
FunPlus is a global leading social and mobile gaming company that creates fun games and builds communities across multiple online and mobile platforms. One of the company's signature games, Family Farm, is enjoyed globally by over 4 million players each day. FunPlus has over 200 employees and has offices in San Francisco, CA, Vancouver, Canada and Beijing, China. More information is available at www.funplus.com. Follow FunPlus on Twitter @FunPlusGame
About Zhongji Holding
Zhongji Holding (600634.SH) is a publicly traded company based in Shanghai, China. Zhongji is leading company in construction industry of China rapidly growing in to a multi-industry conglomerate.
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