08m[1]- Chinadaily.com.cn

    US EUROPE AFRICA ASIA 中文
    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
    ...
    无码人妻精品中文字幕| A狠狠久久蜜臀婷色中文网 | 高潮潮喷奶水飞溅视频无码| 久久国产精品无码网站| 亚洲国产精品无码久久| 中文字幕欧美日韩在线不卡| 亚洲综合无码一区二区| 亚洲av无码国产精品夜色午夜| 最近2022中文字幕免费视频| 亚洲AV无码之日韩精品| 无码中文字幕日韩专区| 人禽无码视频在线观看| 暴力强奷在线播放无码| 制服丝袜日韩中文字幕在线| 精品人妻va出轨中文字幕 | 中文字幕精品一区二区日本| 亚洲AV无码之日韩精品| 久久伊人亚洲AV无码网站| 国产成人午夜无码电影在线观看| 无码人妻AV免费一区二区三区| 亚洲中文字幕无码一久久区| 熟妇人妻系列av无码一区二区| 中文字幕1级在线| 国产品无码一区二区三区在线| 中文字幕一区图| 日韩精品无码一区二区中文字幕 | 日韩乱码人妻无码中文字幕久久 | 夜夜添无码一区二区三区| 亚洲日本中文字幕天堂网| 欧美日韩亚洲中文字幕二区 | 精品亚洲AV无码一区二区| 中文字幕精品久久| 无码乱肉视频免费大全合集| 亚洲欧美精品综合中文字幕| 中文字幕国产| 亚洲爆乳无码一区二区三区| 无码人妻视频一区二区三区| 国产乱人无码伦av在线a| 久久国产精品无码网站| 中文字幕一区二区人妻| 中文字幕一区一区三区|