China Vanguard inks deal with Chongqing Welfare Lottery
Hong Kong-listed China Vanguard Group Ltd, a company providing lottery-related services to the mainland China market, announced that one of its subsidiaries secured a deal for the establishment and maintenance of a lottery sales platform in Chongqing.
The deal was signed with the Chongqing Welfare Lottery Administration Centre and Chongqing Public E-Card Ltd, the company said in a filing on Thursday. China Vanguard’s subsidiary will also be responsible for the sale of computer-generated ticket games through the lottery sales platform and for assisting in the marketing and promotion of lottery sales.
The Chongqing Welfare Lottery Administration Centre will pay the company an undisclosed percentage of total sales generated, China Vanguard added.
Lottery sales in mainland China reached RMB178.41 billion (US$28.74 billion) in the first six months of the year, up 19.2 percent from a year before, show data released on July 15 by the Ministry of Finance.
China Vanguard’s lottery related business covers 17 provinces and regions in mainland China.
Earlier this month, the company said 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”.
Also earlier this month, China Vanguard announced it was paying RMB17.5 million for Trans Pacific Associates Ltd, an electronic marketing and administrative lottery platform. 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 added it intended to introduce the new business platform in its current geographical market.
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