CITIC Guoan Information Industry, a subsidiary of CITIC Guoan Group, has announced a $20m investment in NextVR, which will give CITIC a 2.27% stake.

NextVR is a US-based virtual reality live streaming company valued at approximately $ 800 m. It is a leader in the production of VR content and technology.

CITIC Guoan Group, is a wholly owned subsidiary of Chinese state-owned investment company CITIC Group Corporation. Its business focuses include fixed-line television investments, network systems integration, software development, travel, real estate, high technology and resource development.

The Chinese Super League side Beijing Guoan Football Club is also a subsidiary of the CITIC Guoan Group. This move will enable Guoan fans to have a better viewing experience in the near future.

As CITIC Guoan Group have stated, the investment in NextVR provides an opportunity to gain a direct connection to a leading business and technology team in the VR industry.

Source: Sina

Proofread by Sean O Diobhilin