Hong Kong entertainment group buys virtual reality technology firm

According to Hong Kong stock exchange filings, entertainment group Amax International Holdings has ponied up HK$63.5 million (about US$8.1 million) to acquire Explicitly Grand Investment Ltd, a
Company engaged in Virtual Reality/Augmented Reality technology development and IT services.

The announcement notes that Explicitly Grand has clients across the planet to which it provides technological solutions, mobile apps development and the provision of IT solutions, including AR mobile apps; VR entertainment platforms; AR/ VR Apps for education, training and e-learning; and character design, 3D modelling and animations.

The Amax filing asserts that the acquisition will equip the group with the latest AR/VR technologies and research capabilities, enabling it to expand its entertainment business over time.

This expansion, the company notes, includes AR/VR ambitions in the simulation casino gambling sector.