Nasdaq-listed video streaming service provider iQiyi Inc. said Tuesday it took over Chinese mobile game developer Skymoons Digital Entertainment Co. in a deal that could total 2 billion yuan ($299 million).
IQiyi paid 1.27 billion yuan up front. If Skymoons hits specified performance targets in the next two years, iQiyi will pay an additional 730 million yuan, according to the agreement.
The acquiring company said the deal will enhance its gaming business while complementing its video services . . .
Sign In or Subscribe To Get Full Access.
Don't let random information shape your understanding of China market. You need a timeline dedicated to the huge market.
To subscribe, buy us a cup of coffee every week!
Don't worry! Cancel before the free trial ends and you won't be charged.
How do we work?
From 8 am to 10 pm every trading day, we closely monitor news and views that have potential to move the markets in mainland China and Hong Kong and have the value to help you understand the economy and the markets. We post the real-time information on the member-only Wire Service, with details and data you don't see elsewhere!
During the weekend, we summarize the most important stories in a newsletter sent directly to your inbox so that you can get a big picture of what happened in China markets in the week.