SPORTACCORD confirms Istanbul as Host City for 2025 Convention
13 Mar 2025 23:29
Last Friday, AGTech, a Chinese sports lottery supplier, entered into a Subscription Agreement with a joint venture, 60% owned by Alibaba Holding and 40% by Alibaba’s affiliate company, Ant Financial.
According to the agreement, the partnership will acquire about "59.45% of the issued share capital of the Company (AGTech) as enlarged by the allotment and issuance of the Subscription Shares and the Conversion Shares”.
As stated in an official announcement, the deal is valued at about HK$ 2.388 billion (about US$308 million). Sun Ho will remain as an Executive Director, Chairman of the Board and Chief Executive Officer (CEO) of AGTech.
AGTech is a leading integrated gaming company in China’s lottery market. It is principally engaged in gaming technologies, online and mobile lotteries, and lottery management. Upon the completion of this deal, AGTech will become the exclusive lottery platform of Alibaba.
Source: AGTech
Proofread by John Devlin.
Related coverage
Sportswear to outpace casinos as Chinese consumers earn more
09 Jan 2015
LED manufacturer Ledman approaches sports sector
29 Aug 2015
The impact of China on Nike`s prospect
29 May 2015
Le Sports to build up DISPO ecosystem
17 Dec 2015
18 Jul 2017
More from Yutang Sports
When New tournaments Meets New Tech, the Old Friend of Football Has New Stories
14 Jul 2025
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
SPORTACCORD confirms Istanbul as Host City for 2025 Convention
13 Mar 2025
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
Yutang Sports
loading...