Chinese investors acquire Japan’s SNK Playmore for $63.5m
Shenzhen-listed gaming firm Wuhu Shunrong Sanqi Interactive Entertainment and brokerage Orient Securities have acquired Japanese video game publisher SNK Playmore for $63.5 million.
According to a filing, Shunrong Sanqi and Orient Securities set up a domestic joint venture - Zheyuan Culture - to execute the acquisition. Shunrong Sanqi contributed RMB85 million ($14 million), while Dongfang Xinghui M&A Fund, a subsidiary of Oriental Securities, invested RMB339 million.
Zheyuan Culture bought its 81.25% share in SNK Playmore from former CEO Eikichi Kawasaki, and his wife Natsuyo Kawasaki, via its wholly-own offshore entity Ledo Millennium.
Set up in 2001, SNK Playmore is known for developing popular fighting games such as Fatal Fury and The King of Fighters. The firm owns the intellectual propoerty to a vast catalogue of games popular in China. However, according to Shunrong Sanqi, the business is yet to reach it full potential in the mobile games market,
Dongfang Xinghui M&A Fund, which counts Orient Securities as an anchor investor, focuses on investing in media and culture companies in China and overseas.
Two months ago, Orient Hongtai Investment Management, a private equity unit of Orient Securities, submitted a take-private bid for NASDAQ-listed game developer China Mobile Games & Entertainment Group (CMGE). Last month, an investment arm of the securities firm teamed up with the CEO and president of children's entertainment group Taomee Holdings, and submitted a take-private bid for the US-listed company.
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