Saudi Arabia Funds Tencent-Backed VSPO in First China Games Bet
Summary
Savvy now becomes VSPOs single largest equity holder, according to a statement Thursday.The funding could help VSPO reboot pro-gaming in China after a two-year lull, when pandemic restrictions and Beijings clampdown on the internet sector chilled the worlds biggest games arena. Close collaborator Tencent is planning to launch a Valorant esports league when the hit shooter debuts in China this year, which will likely add to VSPOs event roster.The six-year-old startup has been through a couple of faltering attempts at an initial public offering. It had considered a US IPO in 2021, and then filed in Hong Kong last year, during Beijings tightening scrutiny over offshore listings.Tencent was VSPOs largest client and external investor with a 13.5% holding in the company, according to the firms pre-listing document in January 2022. In the first three quarters of 2021, VSPOs revenue jumped 144% to 1.3 billion yuan ($190 million), the filing said, via businesses like organizing tournaments, sponsorships, and running fan pages.VSPO has more than 1,400 employees in cities from Shanghai to Chengdu and Seoul, and is planning to open new offices in Los Angeles and Riyadh, it said in a deck to investors. None The Worlds War Machine Is Running Low on Ammunition None Zantacs Maker Kept Quiet About Cancer Risks for 40 Years None Fear Made John McAfee Rich.