Kingsoft Gains USD72mn Venture Capital
(SinoCast Via Thomson Dialog NewsEdge) SHENZHEN, Aug 23, 2006 (SinoCast via COMTEX) --China's software builder Kingsoft announced that it has won a joint investment of USD 72 million from Government of Singapore Investment Corporation, Intel Capital and New Horizon Fund.
Kingsoft CEO Lei Jun said the company is set to become the largest online game developer in China and the leading application software provider in Asia Pacific within the coming three years.
The investment will offer the company financial aid to expand business and develop new products, ensuring effective enforcement of its strategy.
The plan of strengthening online game business helped the software builder receive such an investment, sources close the matter aired.
Last year, China's online game industry was valued at CNY 6.1 billion, rising 51 percent over a year earlier, and increasingly mature market enables its products to win favor of venture capitalists.
NetEase, Shanda and the9, the current top three players, are taking more than 70 percent of the Chinese online game market, according to data by Analysys International, a market research firm.
From www.nbd.com.cn, Page 1, Tuesday, August 22, 2006
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