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VODONE Group Announced the Acquisition of Beijing Pinzheng, Strengthened Leadership Position in the Paperless Lottery Industry

2010-11-18 17:16 1388

BEIJING, Nov. 18, 2010 /PRNewswire-Asia/ -- VODONE Group, a leading new media group in China, announced today to acquire Beijing Pinzheng, a Beijing-based online lottery service provider. The total consideration for the acquisition is RMB100 million yuan. The total consideration will be settled by VODONE Group with RMB 30 million yuan in cash and the others by issuing Consideration Shares.

The acquisition will provide the VODONE Group with immediate access to a significant pool of sophisticated single match game and football lottery fans in China, who usually demand detailed and real time information about football games in many countries across the world. The acquired company, Beijing Pinzheng, is principally engaged in provision of lottery ticket information and services online, and operates two platforms namely www.zgzcw.com and www.betrich.com. Beijing Pinzheng raked in a net profit of RMB 7.83 million yuan in 2009, up from RMB 4.887 million yuan in the previous year.

The Ministry of Finance of P.R.China has in early October this year promulgated the new rules and regulations on the sales and management of internet and telephone lottery business, in a signal of a more standardized and transparent approach to the development of the industry. After the acquisition completion, VODONE Group will add on its paperless lottery platform a professional lottery information service provider in China. Together with its leading mobile and paperless lottery platform, VODONE will strive to offer the best paperless lottery services to over 100 million lottery fans in China and in turn further strengthen its leading position in the paperless lottery industry in China, supporting China Government's initiatives to expedite the development of paperless lottery.

About VODONE

VODONE is a new media group. Founded in 2005, it is one of the few enterprises in China, who owns a complete set of licenses to operate video broadcasting on the Internet. VODONE owns the powerful broadcasting platform, and it has broadcast thousands of domestic and international political, economical, cultural and commercial activities over the Internet. VODONE is broadcasting China to the world and also the world to China. VODONE's major products, including "Lottery View" mobile lottery, "KKFUN" mobile games, and "Linfo" Internet social community, etc. have been well recognized by public. VODONE is always committed to the development of new media chain, and bring to business partners a wide and safe growth space.    

Source: VODONE
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