China gaming firm Ourpalm commits $16m to Huatai M&A fund
Ourpalm, a Shenzhen-listed mobile games developer, has committed RMB100 million ($16 million) to Beijing Huatia Ruilian M&A Fund, a new investment vehicle managed by Huatai United Securities, an investment banking arm of Huatai Securities.
The Beijing-based gaming firm said in a regulatory filing that it expects to use of the investment platform to diversify its business into other segments. The fund, which is targeting a total of RMB 1 billion, has also received RMB100 million commitments from Shenzhen-listed Aier Eye Hospital Group.
Huatai United Securities will look for buyout and restructuring opportunities across the medical services, pharmaceutical, technology, media and telecom (TMT), retail and environmental spaces.
AVCJ Research records show Ourplam's investors include Sequoia Capital, Gold Stone Capital and Huayi Brothers Media.
Last year, it paid approximately $488 million to buy online game developers including Hainan Dovo Technology, Shangyou Information Technology and Beijing Playcrab Sceience, in a bid to consolidate its leading position in the industry.
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