Kunlun Tech (300418.SZ) announced on August 10 its plan to sell its 99% equity stake in Beijing Xianlai Interactive Entertainment Network Technology Co., Ltd. to Beijing Xinglan Interactive Entertainment Network Technology Co., Ltd. for 750 million yuan (approximately $111.3 million). The stake is held through its wholly-owned subsidiary Beijing Kunnuo Yingzhan Information Consulting Co., Ltd. After the transaction, Kunlun Tech will hold no equity in Xianlai, which will be deconsolidated from its financial statements. The company also disclosed plans to issue H-shares and list on the Main Board of The Stock Exchange of Hong Kong Limited to advance its internationalization strategy. Xianlai, founded in 2016, generated 400 million yuan in revenue and 242 million yuan in net profit in the second half of that year. Kunlun Tech acquired a 51% stake in December 2016 and completed the remaining purchase in 2018 and 2019 for a cumulative investment exceeding 3.5 billion yuan (approximately $519.5 million). Xianlai committed to a cumulative net profit of 3.018 billion yuan between 2019 and 2021, achieving 2.869 billion yuan. In 2025, Xianlai reported revenue of 316 million yuan and net profit of 72.2 million yuan (approximately $10.7 million). In the