HONG KONG / ACCESSWIRE / May 14, 2019 / V1 Group Limited (“V1 Group” or the “Group”; Stock code: 82.HK) has announced that Easy Prime Developments Limited, which it acquired last year, achieved a net profit of more than RMB40 million in the 2018 fiscal year, fulfilling its responsibilities with respect to the net profit guarantee set forth in the sales and purchase agreement. V1 Group has issued 291 million shares at the prescribed share price in accordance with the acquisition agreement. Furthermore, relevant documents show that V1 Group enjoys economic interests and benefits of the Crazy Sports Group through its acquisition of Easy Prime.
Established in 2012, Crazy Sports operates one of the biggest internet sports communities in China, focusing on the development and operation of the Interactive Entertainment business, such as sports games, sports lottery paid recommendation and sports “live interactive” broadcasting, etc.
Based On a Trillion-scale Market, Crazy Sports Has Achieved a 327% Performance Growth Year on Year
According to the “Some Opinions on Accelerating the Development of Sports Industry and Promoting Sports Consumption” put forward in Document No. 46 of the State Council, the total scale of the sports industry will exceed RMB5 trillion by 2025. In 2018, the World Cup was held in Russia, which also coincided with the rapid development of China’s sports industry. By capturing this historic opportunity, Crazy Sports benefited tremendously by the upbeat sentiment in the industry. Crazy Sports meets the needs of sports users through innovative mobile internet products and services. It has developed sports lottery paid recommendation, sports games and interactive live broadcasting. Its annual performance increased by 327% over the same period last year. Thus, Crazy Sports has reinforced its position as a top tier player in the sports industry by demonstrating its remarkable profitability.
Taking Full Advantage of the World Cup, Crazy Sports is now a Top 10 Internet Sports Platform in China
The Crazy Sports App is one of the top ten “Star App” applications awarded by Tencent Application of Treasure. It also ranks 7th on the 2018 sports informational applications list published by Chinese Academy of Sciences China Internet Weekly.
Crazy Red List, a brand within Crazy Sports, was also a well-known product in the sports industry in 2018. As a professional lottery paid recommendation platform, Crazy Red List brings together more than 100 celebrities and lottery experts, such as Hao Haidong, Li Weifeng, Gong Lei, Ma Dexing and Dan Li. They provide professional recommendations and analysis information in terms of football and basketball payment for sports users. Through an in-depth discovery of users’ needs, Crazy Red List cooperates with sports platforms to extend its user base, such as Dong Qiudi, Zhibo8, Tencent Sports, etc. It has enjoyed rapid growth of its revenue while at the same time it is now one of the most sought-after services for sports lottery buyers. Its rapid growth also improved its influence in the market. In “China’s Annual Innovation Knowledge Payment Platform 2018” list issued by iMedia Research, Crazy Red List and Iget, Himalaya and Zhihu ranked among the top ten platforms.
Signs a Deal with Chinese Super League, Continues Development of Sports Games
In 2017, Crazy Sports established a partnership with the Chinese Super League (CSL), which has four hundred million sports fans, to be an official partner of the CSL from 2017 to 2021. In 2018, with the world gripped by football fever, Crazy Sports released “Live CSL”, “CSL Board Game” and other sports games that experienced a high number of downloads and high profit earnings. The “CSL Game Community” of Crazy Sports is the official game community for the CSL. In addition, Crazy Sports signed with Sohu Changyou to obtain IP rights as well as releasing rights of the mobile game Ode to Gallantry, a Chinese new wuxia (martial arts and chivalry) game authorized by Jin Yong, a famous Chinese wuxia novelist and essayist.
Mr. Peng Xitao, the Co-COO of V1 Group Ltd and the CEO of Crazy Sports, said, “In 2019, Crazy Sports will continue to adhere to the product concept of ‘Sports Creates Happiness’, and to launch a series of innovative mobile internet products and services to the market, so as to meet the needs of the masses of sports users. Crazy Sports place special attention on the sports industry in 2019, to constantly deliver outstanding performance to shareholders of V1 Group Ltd.”
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About V1 Group Limited
V1 Group was established in 2005，and went listed on the Main Board of Hong Kong Stock Exchange in 2006, as the first listed Chinese company in the internet video industry. In 2015, V1 Group has established itself as one of the largest new media companies in China, later successfully transformed to be an internet conglomerate in 2016, its portfolio consisted with various business lines including media, healthcare, fintech, and cutting-edge information and communications technology. In 2018, V1 Group completed its acquisition of Easy Prime Developments Limited (Crazy Sports), accelerating its development of core business in “digital + new culture and sports”.
V1 Group Limited IR website: http://ir.v1.cn
This press release is distributed by Hill + Knowlton Strategies on behalf of V1 Group Limited.
For further information, please contact:
Hill + Knowlton Strategies
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SOURCE: V1 Group Ltd
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