Unity officially announced the creation of a new China company on Tuesday, with investment from Alibaba, ByteDance’s Douyin Group, Oppo, China Mobile, miHoYo, and more. The new entity, which was initially registered in Shanghai in 2012 according to Qichacha, is estimated to be worth $1 billion. Unity said in the announcement that it will retain control of the China-specific business, which will initially focus on the localization of its core product offerings, including UnityEditor. Zhang Junbo, manager of Unity’s Greater China business, becomes president and CEO of Unity China as part of the move. Some 50% of gaming titles worldwide are powered by Unity, according to the firm’s official website. [Unity, in Chinese]