SHANGHAI, May 13, 2016 /PRNewswire/ -- China (Guangdong) - Canada (British Columbia) Economic and Trade Cooperation Conference was held on May 9th, 2016 (local time) at the Vancouver Convention Centre. The conference was hosted by the People's Government of Guangdong Province, China and the Government of British Columbia Province, Canada. 37Games, together with 150 other Chinese enterprise representatives formed the Chinese delegation led by Hu Chunhua, a member of the Political Bureau of CPC Central Committee and the Secretary of Jiangsu Provincial Committee of the CPC.
More than 480 representatives from 250 Canadian enterprises and 150 Chinese enterprises attended the conference. During the conference, there was a contract signing ceremony for 37Games, China and Archiact, Canada. Earlier in March, 2016, 37Games announced its investment plan with Archiact, a Canadian virtual reality technology company. 37Games has already invested $3,166,700 in Archiact and acquire 6,846,539 shares (10%) of the company's stock. The investment and acquisition has drawn wide attention and is supported by both the Consulate-General of Canada in Guangzhou and the Department of Commerce of Guangdong Province, China.
Frank Shen from Archiact with Hu Yuhang from 37Games
Archiact, founded in 2013, is a leading force in the development of virtual reality products. Its star product, Lamper VR, is currently the only VR game that is supported on all mobile VR platforms. Meanwhile, Archiact has signed contracts with developers of the most popular VR games in the Oculus store, like DarkNet, to be the only publisher of those games in the Chinese and greater Asian-Pacific market. 37Games' founder and President Li Yi Fei told the press that Archiact's competence as a VR developer and extensive network within the industry were some of the factors 37Games valued the most upon their acquisition.
37Games, a top 30 internet company in China, started its overseas expansion early in 2012 and was one of the first Chinese companies that exported their browser games to the international market. It has been a market leader in Asian markets like Korea, Thailand, Malaysia and Singapore. Its market share in Europe, America and some other English speaking countries is also growing rapidly. In terms of mobile games, 37Games is developing steadily in the SEA market and outperforms its peers. Last year, 37Games initiated its "Rising Dragon" Plan, investing 100 million dollars (USD) in game studios all over the world within the next 5 years to expand its worldwide market share. Investing in Archiact is part of the plan, as VR games development has been included in 37Games future business scope. With Archiact's help, 37Games will enjoy extensive advantages in the emerging VR games market.
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