08m[1]- Chinadaily.com.cn

国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Technology

Alibaba bets on lottery firm AGTech with $308m

By Meng Jing (China Daily) Updated: 2016-03-08 07:45

Alibaba bets on lottery firm AGTech with $308m

Representatives of Alibaba Group hail the company's IPO at the New York Stock Exchange on Sept 19, 2014. [Photo/Xinhua]

Ali Fortune takes 60% stake, as online sales ban poised to be lifted

Alibaba Group Holding Ltd and its financial affiliate are buying a controlling stake in Hong Kong-listed lottery operator AGTech Holdings Ltd, for HK$2.39 billion ($308 million).

Ali Fortune Investment Holding Ltd, which is 60 percent owned by Alibaba and 40 percent owned by its financial services arm Zhejiang Ant Small & Micro Financial Services Group Co, has agreed to buy HK$1.68 billion in shares and HK$712.6 million of convertible bonds in AGTech.

The deal will give the Alibaba unit 59.45 percent of AGTech, according to the lottery operator's filing to the Hong Kong stock exchange on Sunday-a timely purchase as the suspension of online lottery sales looks likely to be lifted sometime this year.

The government banned unauthorized online lottery sales in April 2015.

AGTech is engaged in gaming technologies including game software and hardware, and lottery distribution.

Its filing said it will be the exclusive business platform of Alibaba and Ant Financial to apply for, and hold business qualifications and licenses for, the operations of lottery businesses.

Alibaba and its affiliate will also provide technical services and resources such as cloud computing services and e-commerce, said AGTech.

The company, which has 200 employees, said it "will benefit significantly" from the investor, should Internet channels for lottery sales re-open.

China has two State-run lotteries: the China Sports Lottery and China Welfare Lottery.

The Ministry of Finance approved two companies-500.com Ltd and China Sports Lottery Operation Co Ltd-to sell online lottery tickets, under a pilot program before the suspension.

Li Kai, an analyst with the Beijing-based Internet consultancy Analysys International, said that the suspension of online lottery sales is likely to be lifted within the year as officials at the annual lottery strategy meeting in January said they will actively push the preparatory work for a pilot online lottery sales program forward.

"China's lottery market is too big for two online lottery-selling companies to fill. More licenses are expected to be offered to more players," Li said.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
龙游县| 逊克县| 滦南县| 乌兰浩特市| 富顺县| 舞钢市| 大宁县| 洛川县| 沁阳市| 文水县| 澄迈县| 闵行区| 广河县| 鄂州市| 阜城县| 青川县| 林西县| 北碚区| 廊坊市| 凤山县| 右玉县| 遂溪县| 新河县| 砚山县| 陈巴尔虎旗| 上林县| 扎鲁特旗| 壤塘县| 阿尔山市| 甘洛县| 论坛| 曲阜市| 丽江市| 延津县| 广安市| 莫力| 乌兰浩特市| 梁平县| 会宁县| 定州市| 辉南县|