CX Briefing: Tencent-Backed Firm to Get Control of Nonbank Payment License
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A rundown of the news making headlines in and around China:
Nonbank payments: A subsidiary of a Tencent Holdings Ltd.-backed movie and game company has reached a deal to acquire a 30% stake in nonbank payment license holder Kuaiqian Financial Services (Shanghai) Co. Ltd. Under the deal announced Tuesday, the subsidiary of China Ruyi Holdings Ltd. agreed to purchase the stake from a subsidiary of Dalian Wanda Group Co. Ltd. for 240 million yuan ($33.4 million). The sale will complete Wanda’s exit from its investment in the payment provider, as the troubled developer continues to sell off assets. The deal will allow China Ruyi to expand into the nonbank payment business, which the company said will jive well with its existing online streaming and gaming businesses.
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