Chinese lottery distributor DJI Holdings and Heilongjiang Sports Bureau are forming a joint venture to create the first Chinese B2B online sports lottery platform, with plans to list on the New York Stock Exchange next month.
Following the suspension of online lottery sales in China, DJI said it had used the time to reposition itself for better revenue opportunities once the ban is lifted.
London-listed DJI is selling approximately 16 million shares priced at 35 pence each to raise £5.6m, £2m of which will fund its commitment to the joint venture.
The NYSE listing is planned for October 2 and will give DJI 146.735 million shares outstanding. Three of China’s largest portals have agreed to promote the B2B platform, starting in November.
Source: Fantini Report
