China-based online sports lottery service provider 500.com has agreed to make a RMB110.5m ($16m) strategic investment in mobile social poker gaming operator Qufan to develop and promote the company’s games platform.
500.com is paying cash to acquire ordinary shares representing 51% of the equity in each of Qufan’s subsidiaries, Qufan Internet Technology and Shenzhen Qufan Internet Technology Co.
Qufan’s poker offerings include Paiyou and Dezhou Zhiye, both popular games in China, according to China Money Network.
500.com provides online lottery services, information, user tools and virtual communities for its customers. The company also offers online lottery sales services for the China Sports Lottery Administration Centre, the state authority responsible for issuing and selling sports lottery products in China.