Allied Gaming & Entertainment Invests in China

Business Investments Drama

18 August 2023 16:12

Allied Gaming & Entertainment made an investment to Beijing Lianzhong Zhihe Technology company. The company acquired 40% of the company for $7m. The majority of shares of Zhihe were owned by Ourgame International Holdings Limited, the company is the major shareholder of Allied Gaming and Entertainment as well. Yinghua Chen, AGAE’s Chief Executive Officer stated “In just over a year, Zhihe has made remarkable strides in the expansive mobile games market, which will harmonize seamlessly with our strategic goals and the establishment of our subsidiary, Allied Mobile Entertainment (‘AME’). Zhihe brings a compelling library of popular mobile games that will bring significant traction to AME, while also providing distribution channels for our current portfolio of casual mobile games that are in the process of testing and pre-public launching. We look forward to working with their leadership team to drive future value and realize the synergies of our businesses.”

Tags: Allied Gaming

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