On April 24, Ge Longhui Technology (01961.HK) announced that it plans to acquire all of Infinities Wonder's shares for 126 million yuan. All prerequisites contained in the sale agreement have been fulfilled, and completion was implemented on April 24, 2024 in accordance with the terms and conditions of the sale agreement. After completion, the company will hold all of the issued share capital of the target company, and the target company will become a wholly-owned subsidiary of the company and indirectly hold 60% of Beijing Wande's shares. The target company's financial results will still be comprehensively recorded in the group's comprehensive financial statements. According to the sale agreement, the company has allotted and issued 96.3 million consideration shares under the acquisition to the seller at an issue price of HK$1.4 per share.
According to reports, the target company is a limited company incorporated in the British Virgin Islands. It is an investment holding company. After the restructuring, the target company will indirectly hold 60% of Beijing Wande (a limited liability company established under Chinese law). Since it was incorporated in 2020, Beijing Wande has mainly been engaged in mobile game product development, and has held several licenses and licenses necessary to operate mobile game business, such as value-added telecommunications business licenses.
Beijing Playland has been in business since 2020. Although it has been in operation for a relatively short period of time, Beijing Playland signed a product development agreement with a well-known video game manufacturer in the US in 2021 to produce a new mobile game. The collaboration attracted much attention because it combined Beijing's simulation game creation experience with the American company's broad market penetration rate and famous reputation in gaming. This mobile game is expected to launch in 2024. As the US company is famous, it is expected that the game will attract a lot of attention and revenue after launch.