27 February 2020

Zhejiang Daily unit acquires online gaming stakes, filing says

Zhejiang Daily Media Group Co. Ltd. (600633.CN) said in a regulatory filing on Wednesday its unit East Sky Investment Co. Ltd. plans to buy minority stakes in two leading gaming operators for a combined 100 million yuan (US$16.32 million). East Sky will take a 5.57 percent interest in Shanghai Qifan Digital Technology Co. Ltd. and a similar stake in Qiyufan Information Technology Co. Ltd. Qifan Digital posted a net loss of 7.21 million yuan last year while the latter reported a net profit of 201.94 million yuan, the filing said.

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