08220.HK announced that it has entered into a framework agreement with Guangzhou Jiu Culture and Technology to set up a joint venture company to carry out the development of augmented reality Digital Live role-playing Game (LARP) project.
The joint venture company is located in Guangzhou and owns 51% and 49% respectively by Bigao and Guangzhou Jiu Culture and Technology, respectively.
Bigao said that in recent years, LARP games have become one of the most popular forms of entertainment for Chinese consumers, while Guangzhou Jiu Culture and Technology, an experienced LARP project developer, or its associated company running the famous LARP platform "Room Nine", is China's relatively complete LARP game system, so it will be an opportunity for the company to enter the LARP market and popular augmented reality and virtual reality applications.