(Yicai Global) Sept. 20 -- Shanghai Bingqiong Network Technology Co., a gaming company operated by online wealth management platform Qbao.com, will acquire LeTV Game Technology (Beijing) Co. in cash, online tech news outlet DoNews quoted the company as saying at a press briefing on Sept. 19.

LeTV Game has a complicated ownership structure. Leshi Zhixin Electronic Technology Tianjin Co., a subsidiary of cash-strapped Leshi Internet Information and Technology Corp. [SHE:300104] holds a 21.44 percent stake in the firm through a wholly-owned subsidiary Leshi Investment Management Beijing Co., and is the gaming company's second largest shareholder.

Neither LeTV Game nor Bingqiong Network have disclosed the value of the deal.

Bingqiong Network is a wholly-owned subsidiary of Shandong Paobao Network Technology Co., with Zhang Xiaolei acting as actual controller.

Bingqiong Network, founded in 2015, is an integrated interactive entertainment company focused on games publishing. It has published games including Lotus Lantern, Photon Angels and Battle of Blitz.

The firm also introduced a gaming platform dubbed the Oriental Pearl in partnership with Oriental Pearl Group Co. and Microsoft Corp.'s [NASDAQ:MSFT] Chinese unit.