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Indoor sports competition theme park Hi-Fun obtained RMB 50 million of strategic financing from KongZhong Corporation. This round of financing will be used to expand its offline stores and strengthen its product range. Hi-Fun has a 5,700-square-meter store in Beijing, providing more than 100 entertainment experiences such as sports competition, interactive entertainment and electronic technology experience. The store became profitable last year, said Jie Xu, general manager of Hi-Fun, adding that Hi-Fun is expected to add 10 directly owned or licensed stores in the next three years. The investor KongZhong Corporation is a Chinese company founded in 2002 that provides digital entertainment services for consumers in China and internationally. The company supplies Internet games, mobile games, Wireless Value-Added Services (WVAS), television shows and movies, VR, and offline sports sites. Positioned as the "Disneyland on the Doorstep”, Hi-Fun can meet the one-stop entertainment needs of users with its comprehensive entertainment products. Its experiential products can generate business for each other, re-purchase and new users in a more efficient way. Hi-Fun has served more than 1.1 million users in the 11 months since its inauguration to the end of March 2019, with per customer transaction reaching RMB 150-200. Online social media activities have given huge exposure to Hi-Fun, contributing to nearly 40% of its customer flow. According to a report about offline entertainment data in 2018, China’s commercial themed entertainment industry was worth RMB 121 billion in 2018, an increase of 7.8% year-on-year, of which approximately 86% came from the operating income of entertainment sites. |
