Lottery equipment and services supplier China Vanguard Group Ltd has entered into an agreement with independent third parties for the formation of a joint venture to further expand its presence in the mainland China market.
China Vanguard, through one of its wholly-owned subsidiaries, will inject RMB7.2 million (US$1.2 million) into Beijing Zhongmingan Investment Management Ltd, effectively controlling 51 percent equity interest in the joint venture, the firm said in a filing to the Hong Kong Stock Exchange on Thursday after trading hours.
“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 People’s Republic of China market,” the company said.
The joint venture will primarily be engaged in technology consulting, development and related services, in addition to hardware distribution, it added.
In Thursday’s filing, China Vanguard management said the “synergies” between the company and Zhongmingan “will be beneficial” to its core business in providing consulting, content development, market expansion and hardware production for mainland China’s sports and welfare lotteries.
The company has been expanding its distribution network for lottery-related products and services, expanding its presence into at least 20 mainland provinces, according to previous filings.
China Vanguard posted net profit of HKD16.1 million (US$2.1 million) for the first quarter of 2015, up by 2.5 percent year-on-year. The group recorded revenue of HKD55.1 million for the period.
For the nine months to March 31, the company posted net profit of HKD31.2 million, an increase of 230 percent from the prior-year period. Revenue grew by 48 percent year-on-year to HKD122.4 million, the firm said.
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