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(Modified to remove reference to minority stakes in paragraph 2)

:Chinese esports company VSPO, backed by Tencent Holdings Ltd, announced Thursday that a Saudi Arabian sovereign wealth fund has purchased a $265 million stake in the company.

The Saudi public investment fund will invest in VSPO through its gaming arm Savvy Games Group, making it the largest single shareholder in the Chinese company, VSPO said.

Saudi Arabia has stepped up its investment in the gaming industry last year with stakes in Japan’s Nintendo and Swedish gaming group Embracer.

Saudi Crown Prince Mohammed bin Salman last September launched a $38 billion strategy for Savvy Games Group, aiming to make the Kingdom “the ultimate global hub for the gaming and esports sector by 2030.” rice field.

VSPO, which had previously sought listings in the US and Hong Kong, said Savvy’s investment would help accelerate the growth of mobile esports with a “particular focus” on Saudi Arabia. Savvy said the investment will help diversify.

“This is a significant transaction for Savvy and a major foothold in the important Asian region. Together with VSPO, we look forward to diversifying our geographic footprint.” Saudi PIF-owned unit buys stake in Chinese gaming company VSPO for $265 million

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