Hong Kong-listed China Vanguard Group Ltd, a company providing lottery-related services to the mainland market, is paying RMB17.5 million (US$2.8 million) for an electronic marketing and administrative platform, the company said in a filing on Tuesday.
The company is paying RMB3 million in cash and issuing a total of 5 million shares at HKD3.64 (US$0.47) for all the issued share capital in Trans Pacific Associates Ltd, including its subsidiaries in Hong Kong and mainland China.
Trans Pacific, a British Virgin Islands holding company, provides interactive electronic marketing and administrative services to the lottery industry in mainland China – including the China Welfare Lottery Centre and the China Sports Lottery Administration Centre.
China Vanguard said the deal would allow it to “create the synergy and the best opportunities for the group’s success in further enhancing the operation service for the lottery centres”.
The company said it intends to introduce the new business platform in its current geographical market “and is also ambitious to penetrate into the entire China lottery market with approximately 250,000 lottery stores”. The company’s lottery related business covers 17 provinces and regions in mainland China, according to China Vanguard.
Lottery sales – for regulated online products and shop-sold ones – grew by 19 percent year-on-year to RMB309 billion in 2013.
In a separate filing on Sunday, China Vanguard announced that an indirect non-wholly owned subsidiary had entered into a cooperative agreement with the Shandong Province Sports Lottery Administration Centre. The deal covers provision of “lottery solution, sales distribution and other related services”. The company will be paid a percentage of total sales generated.
Shandong province recorded RMB12.24 billion of Sports Lottery sales in 2013, ranking second amongst all provinces in mainland china, with a year-on-year growth rate of 15.5 percent, said China Vanguard.
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”I haven’t seen the exact proposal, but in general, yes. I think that’s a good idea [to impose an additional tax on POGOs]”
Philippine Finance Secretary