Zongyi to Acquire Controlling Stake in PearlinPalm

Shanghai Stock Exchange, 1/21/14

Jiangsu-based new energy and IT company Zongyi (600770.SH) has issued a press release announcing the January 19 acquisition of a 75% controlling stake in Beijing-based mobile game developer and operator PearlinPalm from Li Weimin, the company's largest shareholder.

PearlinPalm was founded in 2006 and is primarily involved in the development and operation of mobile games. The company has a total asset value of RMB 112.53 mln and a net asset value of RMB 92.98 mln, as of the end of 2013. PearlinPalm 2013 revenue was RMB 127.02 mln, with a net profit of RMB 44.50 mln.

In the press release, Zongyi stated that the transaction requires further due diligence, auditing, and evaluation, as well as approval by Zongyi's board and shareholders, before being completed.

Editor's Note: To help gaming enterprises and industry analysts gain a comprehensive overview of China's major mobile game developers, publishers, distribution platforms, mobile games, and mobile game industry M&A deals and partnerships, Marbridge has recently released its Q4 2013 Chinese Mobile Gaming Industry Matrix.

Keywords: Zongyi 600770.SH Li Weimin PearlinPalm profit revenue wireless mobile gaming M&A

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