BAOFENG.COM, which recently spent 3.1 billion yuan (US$478 million) to acquire three firms, said yesterday that it will set up a film production subsidiary and a virtual reality content fund of 300 million yuan for its ecosystem covering online video, TV, film production, music, game and VR.
ChiNext-listed Baofeng’s ecosystem will cover its 150 million daily users globally, Chief Executive Feng Xin said at a conference in Beijing yesterday.
"It’s a golden decade between 2016 and 2025 for online entertainment business, based on a full ecosystem and DT (data technology)," Feng said.
Baofeng surged by the 10 percent daily cap to 105.40 yuan yesterday, compared with a 0.74 percent fall in the ChiNext index.
The sales of Baofeng VR glasses, a Chinese version of Google’s Cardboard, have hit 1 million units and are expected to rise to 10 million units this year.
Baofeng said it will create a fund of 300 million yuan with Chengdu-based Skymoons to develop VR games.
Baofeng used 3.1 billion yuan in a mix of shares and cash to buy online drama production firm of Straw Bear, overseas game publisher and distributor Gumptech, and game developer Rapid Game, it said in a filing to the Shenzhen Stock Exchange two weeks ago.