Sky-mobi Sells Stake In Shanghai Fangcun Information Technology - Quick Facts

(RTTNews) - Sky-mobi Ltd. (MOBI), a mobile application store in China, Wednesday announced the sale of its 37.9% equity interest in Shanghai Fangcun Information Technology Co., Ltd., or Fangcun, to Guangdong Alpha Animation and Culture Co., Ltd.

The company realized a capital gain of RMB 56.4 million from this transaction.

Fangcun is a China-based mobile game developer.

Michael Tao Song, chairman and chief executive officer of Sky-mobi stated, "...We believe that the Fangcun deal is just the beginning of this commitment to strengthen our pipeline of talent. Going forward, we may further leverage our broad platform and explore opportunities of investing in such talented emerging gaming developers, adding an additional avenue of growth in near future."