Saudi Arabia investing in China's gaming industry
Saudi Arabia's sovereign wealth fund, PIF (Public Investment Fund), has made its first foray into the Chinese gaming market by investing 265 million USD in VSPO, an esports event organization company supported by Tencent Holdings.
VSPO has organized esports events for popular games like League of Legends and PUBG. The investment is expected to help VSPO relaunch China's professional gaming industry, which has been stagnant for two years, and to expand its business with Tencent.
VSPO's revenue grew 144% to ¥1.3 billion in the first three quarters of 2021. Tencent holds a 13.5% stake in VSPO and is its largest customer and external investor.
Source: Wall Street CN