(Yicai Global) Sept. 6 -- Though the Chinese government has not yet approved the resumption of internet lottery operations, People.cn Co. [SHA:603000], a network information operator under the official People's Daily newspaper, has decided to set up an internal lottery operating agency offering its proprietary lottery information services.
The application for online lottery qualification will restart after the introduction of the internet lottery policy, the company said yesterday.
People's Daily Online will also start the equity transfer of Renmin Aoke Media Technology Co., its subsidiary, it stated.
Renmin Aoke Media Technology Co. formerly ran most internet lottery services for People.cn Co., which held a 36.67% stake in the former.
For the synchronous moves of transferring the joint-venture lottery business operator and establishing its own operating agency, People.cn Co. explained that self-operation of lottery information service helps to coordinate lotteries and related industry resources integrally and improve lottery's overall service level and business ability.
The company will offer Internet lottery information strictly per laws and regulations, pay close attention to industry policy trends and participate deeply in the development of the internet lottery industry, the announcement added.
Renmin Aoke Media Technology Co., Ltd. brought in revenue of CNY286 million to People.cn Co. in 2014. Its total 2014 revenue was CNY1.58 billion.
Internet service providers, including People.cn Co., have suspended lottery businesses since China's authorities stopped the release of lotteries via the internet in February 2015.