PCG Entertainment Plc has asked the Alternative Investment Market Initial Public Offering for supporting company’s new business venture. Their aim is entering the competitive gambling market of People’s Republic of China.
PCG Entertainment Plc is a company, which headquarters are based in Gibraltar. Currently, its shares are estimated to cost £61.8 million and PCG is expected to become available at the Alternative Investment Market in London within two days. It has successfully risen almost £3.41 million, which turned out to be a great step forward.
As a matter of fact, managers’ decision to conquer the gambling market of People’s Republic of China is believed to be a well-thought-out move.
Despite being over-saturated, the market provides every company with room for growth. For the time being, China’s population is well over 1 billion people so the revenues, by all means, should be satisfactory.
PCG Entertainment Plc is to be available on the People’s Republic of China market due to the help of the subsidiary Sihai Geju. They have four licences, allowing them to provide online gambling products and services. As soon as PCG is launched on AIM, further approval from authorities needs to be obtained as far as the usage of licenses is concerned. If the government gives the green light to PCG’s new venture, two of the licenses will be used through two companies – Hainan Huan’ao Sports Industry Co. Ltd and Hainan Huan’ao Culture Media Co. Ltd.
Managers of PCG are convinced that Hainan Huan’ao Culture Media Co. Ltd will help them establish a commonly recognized platform, providing poker games. The company also subsidizes the China Hainan Texas Hold’em tournament.
Hainan Huan’ao Sports Industry Co. Ltd is a company that has its license, issued by Hainan Sports Lottery Management Centre. It is predominantly popular for selling lottery products in stores, located at Hainan Province.
Managers of PCG Entertainment Plc have obviously suspected the great potential of the collaboration with both companies. They even intend to expand their business and enter the telephone business as well as virtual currencies.
Nick Bryant, CEO of PCG Entertainment Plc said that the joint venture of PCGE, Hainan Huan’ao Culture Media Co. Ltd and Hainan Huan’ao Sports Industry Co. Ltd is going to be favorable to all of them. The last two will be given the chance to further expand their business. Nick Bryant also added that various gambling products and services were about to be introduced to the Chinese market as well.
Bryant did not miss to pinpoint the fact that annually, a huge sum of money is spent by residents who take part in illegal gambling activities. He also said that PCGE managers were hopeful that this amount of money will be kept into the economy and no leakage and expansion of the gray markets will be allowed. Once Chinese residents are given the chance to legally participate in a greater variety of gambling activities, the unregulated markets will definitely shrink.
PCGE can take pride in having a new asset as well. Clive Hyman is the new Chief Finance Officer and his indisputable skills are believed to make PCGE even more successful.
