Lander Sports has announced that its wholly-owned Lander Fund is going to purchase Zhejiang-based Binguo Technology (Chinese: 宾果科技), a company that focuses on internet lottery selling and the development and operation of online games.

According to the announcement, Lander Fund is expected to raise RMB 25.10 million for a 35% share in Binguo. As stated in the purchase deal, in the future, Lander Sports has the right to buy another 25% share to become a controlling shareholder of Binguo.

Last year, Lander Real Estate, a listed enterprise based in Shenzhen, changed the firm’s name to Lander Sports Development Co. Ltd., with the business scope shifting entirely from property investment to sports.

Last October, Lander Sports launched an RMB5 bn joint sports-related fund management company with Zhejiang Huanglong Sports Development Co. Ltd and CCB International Wealth Management (Tianjin) Ltd.

Source: ifeng

Proofread by John Devlin.