Saudi Arabia PIF Funds Tencent-Backed VSPO in First China Games Bet - Bloomberg
Saudi Arabia’s wealth fund has made its first major foray into the Chinese games market, betting on a Tencent Holdings Ltd.-backed esports tournament organizer.
Savvy Games Group, a unit of the Public Investment Fund, invested $265 million in VSPO, which promotes and runs competitive gaming events for titles such as League of Legends and PUBG. The Shanghai outfit, formerly known as VSPN and also backed by Sequoia China and Susquehanna International Group, didn’t disclose its valuation in the Series C round. Savvy now becomes VSPO’s single largest equity holder, according to a statement Thursday.
The funding could help VSPO reboot pro-gaming in China after a two-year lull, when pandemic restrictions and Beijing’s clampdown on the internet sector chilled the world’s biggest games arena. Close collaborator Tencent is planning to launch a Valorant esports league when the hit shooter debuts in China this year, which will likely add to VSPO’s event roster.
The six-year-old startup has been through a couple of faltering attempts at an initial public offering. It had considered a US IPO in 2021, and then filed in Hong Kong last year, during Beijing’s tightening scrutiny over offshore listings.
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