Century Network announced on October 11 that it plans to redirect 85.62 million yuan from the remaining raised funds for its cloud gaming service platform project to the Wuhan integrated operations center project. The company will purchase and adaptively renovate the office building at Building A12, Optics Valley Financial Port, No. 77 Optics Valley Avenue, East Lake New Technology Development Zone, Wuhan. Once completed, it will provide relatively ample self-owned office space while meeting the company's business development needs for computing power, networking, broadcasting, and other integrated functions. In addition, the company plans to redirect 30 million yuan from the remaining raised funds for the cloud gaming service platform project to supplement working capital, in order to meet the funding needs of daily operations and business development. The company stated that the reason for changing the use of the raised investment project is that the cloud gaming industry environment has undergone significant changes, and the output from continued investment in the original project fell short of expectations.
Hubei Century Network Technology Co LtdCentury Network redirects 85.62M yuan from its underperforming cloud gaming project and 30M yuan to working capital after the original project's returns fell short of expectations.
