IGT has formed a Chinese-foreign equity joint venture with Telling Telecommunication Holding subsidiary Shenzhen Tian Lian Cai Investment to provide innovative lottery products to regulated Lottery Centers in China. Telling owns 51 % interest in the newly formed joint venture, while IGT owns 49 percent.
“IGT is excited to join forces with a company of Telling’s stature and provide our latest technology and innovations to the growing Chinese lottery market,” said Walter Bugno, IGT CEO International.
“As the lottery market continues to change, and the regulatory framework evolves, we believe that this partnership will be ideally positioned to successfully participate in China’s bright lottery industry future,” Bugno added.
“We are pleased to join forces with global lottery industry leader IGT,” said Huang Shaowen, Chairman of Telling Telecommunication Holding. “By working together, we will bring the world’s most advanced technology, games, and operational best practices to China, enrich players’ experiences, help advance the Chinese lottery industry into a new era, and enhance its contribution to China’s social welfare.”
In addition to providing innovative lottery products, the joint venture will have the capability to conduct independent market operations, business development, and technological innovations in China. Operations will be subject to applicable Chinese regulatory and licensing approvals, and pending all approvals, it is expected to be operational in the third quarter of this year.
Telling Communication Holding Co was listed on the Shenzhen Stock Exchange in 1997. Beginning as a mobile phone distribution business, it has developed into a large group of companies, including mobile phone distribution, lottery, mobile internet, mobile resale, and other businesses.