Lottery company China Vanguard Group Limited announced that it has entered into a joint venture with independent third parties to invest RMB7.2 million (US$1.2 million) in Beijing Zhongmingan Investment Management Ltd.
The group, through its wholly-owned subsidiary, will effectively hold 51 percent equity interest in Zhongmingan.
The venture “will be beneficial to the Group’s core business in providing consulting, content development, market expansion and hardware production and better serve the Sports Lottery and Welfare Lottery industries in the PRC,” the company said in a filing.
The Joint Venture will primarily be engaged in technology consulting, development and related services, in addition to hardware distribution.
“The Agreement will serve as a basis for cooperation between the Group and Zhongmingan to further leverage the technology and resources to strengthen the Group’s foothold in the PRC market.”
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