Chinese media and entertainment group Enlight Media will invest about CNY385 million to acquire the animation company Bluearc Animation and the mobile game company Refeng Network.

According to the company's announcement, Enlight Media will invest CNY176 million to acquire a 51% stake in Refeng Network. After Refeng Network achieves its performance goals for the next three years, Enlight Media will acquire the remaining 49% stake. During the transaction, Refeng Network's overall valuation reportedly reached CNY346 million. Refeng Network is mainly engaged in the development and operation of mobile Internet games.

Refeng Network's existing shareholders promised that the company's net profit for 2014 will be no less than CNY33 million; its net profit for 2015 will be no less than CNY42.9 million; and its net profit for 2016 will be no less than CNY55.77 million.

In addition, Enlight Media will invest CNY208.4 million in Bluearc Animation, a Chinese original animation company. On the completion of the acquisition, Enlight Media will become the controlling shareholder of Bluearc Animation, with a 50.8% stake.

Founded in 2007, Bluearc Animation focuses on the production of high-quality 3D animations and animation images with self-owned intellectual property rights.