Finet Group reports it is acquiring Hangzhou Tianchang Network Technology Company, an online game company in China.

According to the agreement, Finet will invest an aggregate CNY200 million in cash for the acquisition, part of which will be applied as Tianchang's capital for business expansion purposes including for marketing and operations of Tianchang's online games in China, research and development of new MMORPG games, and game licensing

Through the acquisition, Finet says in its press release that it immediately gains a foothold in China's fast growing online gaming market and allows the company to reach a key milestone in executing its Internet, media and mobile growth strategy in China.

Established in early 2005, Tianchang has over 200 people in its development and operations team, and an extensive nationwide online and offline multi-channel distribution network for its pre-paid game cards.

Finet Chairman Dr. George Yu says, "China's online game market continues to grow at a robust pace. We are excited that this acquisition immediately establishes Finet's presence in this sizable market with enormous revenue potentials. Tianchang, with its exceptionally strong proprietary game development capability and talents mix, is the ideal company to be Finet's local flagship in China's online game industry. We are fully prepared to capitalize on huge opportunities presented to us in the fast moving online game sector."