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TMCNet:  Shenzhen Zqgame Network (Zhongqing Baowang) raises $109.98 million in initial public offering

[April 06, 2010]

Shenzhen Zqgame Network (Zhongqing Baowang) raises $109.98 million in initial public offering

Apr 06, 2010 (Datamonitor Financial Deals Tracker via COMTEX) -- Shenzhen Zqgame Network Co., Ltd. (, a China-based company engaged in the research, development and operation of online games, has raised CNY750 million ($109.98 million) in the initial public offering (IPO) of 25 million common A shares at a price of CNY30 ($4.4) per share.

For the year 2008, had reported operating profit of CNY54 million ($7.92 million) and net profit of CNY36.6 million ($5.37 million).

Update on February 1, 2010: has priced the IPO of 25 million common A shares at CNY30 ($4.4) per share.

Update on January 25, 2010: has agreed to issue 25 million common A shares in an IPO.

Announcement (December 30, 2009): has received approval from the China Securities Regulatory Commission to list on Shenzhen Stock Exchange.

Deal Value (US$ Million) 109.98 Deal Type IPO Sub-Category Completed Deal Status Completed: 2010-02-11 Deal Participants Target (Company) Shenzhen Zqgame Network Co., Ltd. (formerly Shenzhen Zhongqingbaowang Network Technology Co., Ltd.) Deal Rationale Zqgame will use proceeds from the transaction for four projects, including research and development of new online games, online game R&D technology platform, R&D rooms of a Suzhou project, and other businesses related with the main operations.

% Acquisition 25% Offer Price ($ per share) 4.4 No. Shares Issued 25000000

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