Move follows the acquisition of 65% stake in MP & Silva

Baofeng Technology Co Ltd, an internet entertainment and technology company, on Tuesday announced it has set up a subsidiary specializing in sports, a move which follows its acquisition with Everbright Securities Co of a 65 percent stake in sports media rights firm MP & Silva Ltd.

The Beijing-based group said the new unit, called Baofeng Sports, will strengthen cooperation with Chinese brokerage Everbright Securities and MP & Silva in the fields of sports copyright, content, internet services and virtual reality.