Beijing, China, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Moxian, Inc. (“Moxian” or the “Company”) (MOXC), an offline-to-online (O2O) social media services and Internet media marketing services provider, and an exclusive agent and operator of the Games channel of the Xinhua News APP, today announced the signing of a Letter of Intent with Beijing Bi Er Culture Communication Co. Ltd., (“Bi Er”), pursuant to which, Moxian may, upon a satisfactory completion of due diligence and an audit of past financial statements, enter into a definitive agreement to acquire a controlling stake of Bi Er, the terms of which have yet to be finalised and which will be subject to approval by the shareholders of the Company in a general meeting.
Bi Er is a limited company incorporated under the laws of the Peoples’ Republic of China in June 2013 and is involved in the industry of mobile gaming, e-sports, animation and comics. It has successfully organized many e-sports competitions in various cities in China with strong support from the local governments and is generally regarded as a leading player in the e-sports industry in the country.
The global e-sports industry was estimated to be worth as much as $138 billion in 2018, according to Newzoo, a market research firm. In a report by eMarketer, citing research from PricewaterhouseCoopers, it is predicted that global e-sports revenue could increase by about 18% annually to reach approximately $1.58 billion by 2022. Spectator interest is also on the rise as e-sports viewers are expected to reach 557 million globally by 2021, up from 380 million in 2018.
Already the world’s largest gaming market in terms of revenue, the Chinese domestic e-sports audience is expected to top 350 million and revenues to reach $1.9 billion in 2019 according to Tencent’s Penguin Intelligence. The revenue comes from tournaments, sponsorship, media rights and money earned by teams and players. Newzoo, the market research firm, expects China to overtake South Korea as the second largest e-sports market after the US this year and to continue growing at a compound annual rate of 21% until 2023.
Commenting on the proposed acquisition, Mr. Hao Qinghu, CEO of the Company said, “We are very pleased with the co-operation and support of Bi Er in various advertising initiatives which have brought mutual benefit to both our companies. We believe this acquisition, if and when completed, will take us to a higher level of integration of our businesses. We are confident that given the strong management and expertise of Bi Er, and the rapid development of the e-sports industry in China, there will be tremendous growth opportunities for Moxian going forward.”
About Moxian, Inc.
Founded in 2013, Moxian is located in Shenzhen, China, with subsidiaries in Beijing, Malaysia and Hong Kong, it is an O2O integrated platform operator, and a service provider of social media and Internet media marketing.
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