Asia
Kingnet Network to Indirectly Acquire 40.25% Stake in Wemade
Kingnet Network (SHE:002517) plans to indirectly acquire a 49% equity interest, equal to a 40.25% controlling stake in Korean game developer Wemade (KOSDAQ:112040), for about 2.03 billion yen.The company's wholly-owned subsidiary, Shanghai Kingnet, and Shanghai Xingjuda will first inject 2.1 billion yuan into Shanghai Rongtan, then acquire 49% of Neosphere through Cypress HK, according to a weekend filing with the Shenzhen bourse.NeoPulse, Neosphere's subsidiary, will hold 40.25% of Wemade.Shares of Kingnet Network closed 4% lower Monday on the Shenzhen bourse.
KOSDAQ:A112040SHE:002517
