500.com the sports lottery service provider that work online is a leading Chinese company, it has decided to invest 16 million Dollar in poker game operator that provide services on mobile and know about mobile social poker game Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co. Ltd.
With this investment 500.com is representing the equity of 51 percent in both Qufan Internet Technology and Shenzhen Qufan Internet Technology respectively.500.com is taking this investment as ordinary, but has good future plans to generate revenue. This merger seems to be a big one and lover of poker and lottery can see same major changes in format after these three companies come with their action plan.
500.Com is listed in The New York Stock Exchange and has good reputation. In year 2016, 500.Com suspended its lottery services that they provide online in the strict regulatory review by online lottery operators in China.
Now the parties are planning to cooperate and develop and promote mobile social poker games. They will use platform of 500.com to promote the poker game on mobile. Products of Qufan include Dezhou Zhiye, Paiyou and two other popular poker games in China.
As if now there is no information revealed with regards to stand of Qufan in the entire merger. It is still not clear whether Qufan has risen any funding of venture before.
China Ministry of Finance has approved two bodies to provide online lottery service on the behalf of Lottery Association Center of China sports. In the two entities 500.com is one.
The merger of 500.Com and Qufan Internet Technology Inc. and Shenzhen Qufan Internet Technology Co. Ltd. is in process of finalization and will take its shape in some time. Till that time poker players have to wait and watch what is there.