20 September 2019

Shanghai Ace buys mobile game firm for 1.2 bln yuan, filings say

Coal seller Shanghai Ace Co. Ltd. (600652.CN) will acquire the entire stake of mobile game developer U9time for 1.18 billion yuan (US$190.05 million), according to regulatory filings released on Friday. Ace expects the acquisition to help diversify its business amid sluggish demand for coal. The company saw a 97.74 percent decline in net profit and a 12.76 percent decrease in revenue in 2013 from a year earlier.

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