Chinese Internet video company Baofeng Technology will acquire the equity and teams of Jiangsu Straw Bear Pictures, Lidong Technology, and GumpTech to enter the movie, gaming and overseas markets.

Baofeng Technology plans to purchase a 60% stake in Straw Bear Pictures for CNY1.08 billion with a combination of share issuance and cash; the company will fully acquire GumpTech for CNY1.05 billion with a combination of share issuance and cash; and it will fully acquire Lidong Technology for CNY975 million with a combination of share issuance and cash.

Meanwhile, the company announced plans to raise CNY3 billion funds for the upgrade of its DT big entertainment platform and the infrastructure construction of its DT big data system.

Feng Xin, chief executive officer of Baofeng Technology, said the restructuring project will launch three business platforms, including movie, gaming, and overseas departments, which is an important link for the realization of the company's global DT big entertainment strategy. In May 2015, Baofeng Technology launched its global DT big entertainment strategy and the company completed its layout of five businesses, including virtual reality, TV, shows, videos, and culture, in the same year. On the completion of the restructuring this time, the company will add movies, gaming, and overseas businesses.

Straw Bear Pictures is a film and television production company founded by Taiwanese star Nicky Wu in June 2014; Lidong Technology is an online game company focusing on client-based games, mobile games, and VR; and founded in 2013, GumpTech's main businesses are overseas distribution and promotion of entertainment assets.

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