Oriental Pearl, Sony to Jointly Release PlayStation in China
Shanghai Stock Exchange, 5/25/14
Chinese media company Shanghai Oriental Pearl Group (600832.SH) has announced that the company's wholly-owned subsidiary, Shanghai Oriental Pearl Culture Development, and Sony (China) Limited have signed an agreement to establish two joint ventures in Shanghai's pilot free-trade zone, responsible for the manufacture and marketing of Sony's PlayStation game console hardware and software, as well as the provision of PlayStation related services in China, respectively.
Oriental Pearl and Sony will jointly establish two companies, namely Shanghai Oriental Pearl Sony Entertainment Culture Development and Sony Computer Entertainment (Shanghai). Shanghai Oriental Pearl Sony Culture Development will have registered capital of RMB 10 mln, of which Oriental Pearl will contribute 51%, or RMB 5.1 mln, and Sony will contribute 49%, or RMB 4.9 mln. Sony Computer Entertainment will have registered capital of RMB 43.80 mln, of which Oriental Pearl will contribute 30%, or RMB 13.14 mln, and Sony will contribute 70%, or RMB 30.66 mln.
According to the announcement, Oriental Pearl and Sony will jointly introduce Sony's PlayStation line of products in China, including software and related services. The two JVs will be responsible for: game console manufacturing and marketing; game software marketing, authorization, and distribution; network services and general business consultation services; and technical consultation and services related to game development.
Editor's Note: For more background on this topic, please see "Sony to Expand Console Game Business into China" MD 11/12/13 issue.
Keywords: PlayStation JV hardware Oriental Pearl Sony 600832.SH Oriental Pearl Culture Development console gaming Shanghai Free-Trade Zone
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