Apr. 9, 2012 (China Knowledge) - China Mobile Games and Entertainment Group or CMGE, a unit of Hong Kong-listed
tele-media service provider VODone Ltd<0082
>, is preparing to launch its initial public offering on the New York Stock Exchange, said a person familiar with the matter.
Details of the IPO, such as size, price and timetable, have yet been disclosed, the person added.
CMGE has yet commented on the news.
CMGE, an international professional mobile games developer and operator, is consisted of three firms 3GUU, Huiyou (Shenzhen) Digital Co Ltd and YiGao Hong Kong Co Ltd. 3GUU was acquired by VODone with a 70% stake for RMB 196 million in December 2010.
According to the website of CMGE, the firm, which has teamed up with more than 500 domestic mobile vendors and mobile manufacturers, has expanded its mobile game business into about 80 countries and regions.
VODone Chairman Zhang Lijun said the company has an 18.5% share in Chinese mobile game market.