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| With warranty of RMB20 million profit after tax for first year |
HONG KONG, Apr 14, 2015 - (ACN Newswire) - Luxey International (Holdings) Limited ("Luxey International" or the "Company", Stock code: 8041) announced that the Company's subsidiary, Luxey Online Solutions Limited has entered into an MOU with Shenzhen City Fan Hou Technology Limited ("Fan Hou Technology") in relation to the proposed acquisition of Fan Hou Technology's equity interest. Fan Hou Technology has a market valuation of not less than RMB200 million and is warranted to have not less than RMB20 million profit after tax in the first year after successful completion of the proposed acquisition.
The existing shareholders of Fan Hou Technology include the subsidiaries of Tencent Holdings Limited (Stock Code: 700) and Boyaa Interactive International Limited (Stock Code: 434). Fan Hou Technology is principally engaged in development as well as operation of mobile phone games and web-based games. It has launched many popular games including the action game "Gecao Sanguo" in QQ zone and the first tower defense games in Tencent "The Home Defending Battles" and "The Home Defending Battles II". "The Home Defending Battles" game series has tens of thousands of players, and it ranked 14th on the BBS website of QQ (bbs.g.qq.com)
Mr. Joseph LAU, Chairman of Luxey International believes the proposed acquisition will further develop the online business of the Company via the mobile and web game channel, and provide more channels for promotion and marketing while expanding revenue sources.
The proposed acquisition is subject to the negotiation and execution of a formal agreement between the parties and the MOU is not legally binding with regard to the proposed acquisition.
Contact:
Strategic Financial Relations (China) Limited
Ms. Karen HUNG Tel: 2864 4845 Email: karen.hung@sprg.com.hk
Ms. Karen LI Tel: 2864 4837 Email: karen.li@sprg.com.hk
Ms. Joyce QIAO Tel: 2864 4894 Email: joyce.qiao@sprg.com.hk
Topic: Press release summary
Source: Luxey International (Holdings) Limited
Sectors: Daily Finance
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From the Asia Corporate News Network
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