China Mobile Games and Entertainment Gets Investment Boost from China’s NCSSF
China Mobile Games and Entertainment Group Limited, a mobile gaming company, has announced a private placement of American depositary shares (ADS) at US$ 14.50 per ADS. Gross proceeds equated to US$ 16.4 million before deducting related expenses. Investor purchases were carried out by ICBC Credit Suisse Asset Management (International) Company Limited.
Through this entity the investors include:
- National Council for Social Security Fund – 1,035,000 ADS
- ICBCCS Global China Opportunity Equity Fund – 88,000 ADS
- ICBC Credit Suisse Asset Management (International) Company Limited (own behalf) – 10,350 ADS
Established by the State Council of the People’s Republic of China, the National Council for Social Security Fund China is essentially a social security strategic reserve centralized by the Chinese government to meet the needs of their aging population.
Mobile Games and Entertainment Group Limited plans to use the capital to acquire third-party game licenses and intellectual property. The gaming company also wants to invest further in product development and increases sales channels.
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