BEIJING, Feb. 6 (Xinhua) -- Meisheng Cultural Creative (002699.SZ) announced on Feb. 5 that its wholly owned subsidiary Hong Kong Meisheng Culture would inject 50.54 million yuan (about 7.33 million U.S. dollars) to purchase a stake in JAKKS Pacific, Inc. of the United States.
Once the purchase is completed, Hong Kong Meisheng Culture will hold 1,383,647 shares or 6.92 percent of JAKKS Pacific, Inc., one of the biggest toy makers and distributors in the world.
JAKKS Pacific, Inc. is a NASDAQ-listed company specialized in designing, producing and marketing toys and other consumer products, with a range of products that feature numerous children's toy licenses. In the first nine months of 2016, JAKKS Pacific achieved net profit of 60.01 million yuan (about 8.71 million U.S. dollars).
JAKKS Pacific, Inc. is the largest distributor for Meisheng Cultural Creative. The two companies have already set up two joint ventures. Enditem (Edited by Ma Xin, maxin11@xinhua.org)
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