China Vanguard Group Ltd said it has entered into a cooperative agreement with the Guizhou Province Sports Lottery Administration Centre to provide interactive self-service solutions in the province. China Vanguard is a Hong Kong-listed company providing lottery-related services to the mainland China market.
Through a subsidiary, the company will be responsible for the implementation of the interactive self-service lottery solutions in Guizhou “by building up self-operated and franchise stores and cooperating with various retail channels,” China Vanguard said in a filing. The company said it would also revamp some existing stores in the province.
The Guizhou Sports Lottery Administration Centre will pay China Vanguard an undisclosed percentage of total sales generated.
Lottery sales in Guizhou reached RMB2.8 billion (US$456 million) in the first eight months of 2014, up 12.4 percent year-on-year, according to data from the China’s Ministry of Finance.
Mainland China’s lottery sales reached RMB247.2 billion in the eight months to August 31, up 24.4 percent from a year earlier.
China Vanguard’s lottery related business now covers 19 provinces and regions in mainland China. “The board believes the interactive self-service lottery business has huge market potential and is in line with the group’s recent development direction,” it said in the statement.
Last week, China Vanguard posted a net profit of HKD14.9 million (US$1.9 million) for the fiscal year ended June 30.
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