Chi Yufeng, chairman and CEO of the Chinese online game operator Perfect World, has confirmed with local Chinese media that the company has invested CNY15 million in a webgame company in Chengdu to extent its online community business.
The Chengdu-based webgame developer and operator, named Chengdu Yewang Technology Development Company, offered partial equity to Perfect World, but Chi did not reveal the detailed shareholding ratio.
Chi said according to its decided development strategy, Perfect World has been paying close attention to the market and seeking strategic acquisition and alliance cooperation opportunities. Yewang has gained a certain success in the emerging webgame sector and has good development potential. Perfect World believes that the strategic investment in Yewang will coordinate well with the company's core business and enlarge its online community. He also pointed out that Perfect World will use its market channels and resources to aid Yewang's development.
Perfect World's total revenues for the 2008 fiscal year were CNY1.44 billion, an increase of 108.6% from fiscal year 2007, and net income was CNY646.5 million, an increase of 78.6% from fiscal year 2007.