In addition to Microsoft which launched its flagship Xbox One in China this April, Sony also sets eye on the lucrative market after Chinese authorities lifted the 13-year ban on game consoles.
The Japanese giant has entered partnership with Shanghai Oriental Pearl Group (SH:600832) to step up the production and sales of PlayStation consoles and relevant software in China, according to a statement released by Shanghai Stock Exchange.
Through the subsidiaries of both parties, Sony and Shanghai Oriental Pearl Group planned to set up two joint ventures in Shanghai Free Trade Zone. The two joint ventures will be responsible for hardware and software product/service, respectively.
One of the two joint ventures will have a registered capital of 10 million yuan (around $1.6 million) and it will be responsible for software distribution, marketing and platform construction. The Chinese company will hold a 51% stake, while Sony will hold a 49% stake in the joint venture, according to the statement.
The other joint venture will be in charge of hardware production and marketing, with a registered capital is 43.80 million yuan. Sony will hold a majority stake of 70%, and the rest will be owned by Shanghai Oriental Pearl Group, the statement added.
It is worth noting that both Shanghai Oriental Pearl Group and BesTV, Microsoft’s Chinese partner of Xbox One business, belong to Shanghai Media Group, the cultural investment arm of Shanghai TV Station.
The latest product of Sony’s PlayStation series is PS4, which has recoded more than 7 million shipments globally as of April 6, 2014.