Tencent Ups Glu Mobile Stake Even More, Now Has 21.5% Of Company
China's Tencent has raised its stake in mobile game maker Glu Mobile Inc. (NASDAQ: GLUU) to 21.5 percent, according to regulatory filings on SEC.
Tencent, an Internet service portal in China, bought 4 million more shares of Glu Mobile – which is bringing Tencent's top-grossing Asian-market mobile shooter game "WeFire" to the United States. The game will be branded as a "Frontline Commando" rival.
Management expects to launch the game in late-second quarter 2016 after westernizing the art and user experience. "WeFire" has performed strongly in China, Taiwan, Korea, Thailand and Vietnam.
Recently, Shinko Asset Management Co. Ltd. increased its stake in Glu by 13.7 percent during the fourth quarter, according to regulatory documents filed with the SEC. Fisher Asset Management also boosted its position in Glu Mobile by 13.6 percent in the fourth quarter.
Related Link: Roth Capital Weighs In On Glu Mobile Inc
Several research firms have weighed in on Glu Mobile. Roth Capital analyst Darren Aftahi weighed in on Glu after the company released its "Kendall and Kylie" game. The analyst cited stellar performance in terms of U.S. iPhones, reaching the top 8 grossing free game status in its first day, closely resembling the performance of "Kim Kardashian: Hollywood," one of its top games. As a result, the analyst believes "this game will have a material impact on Glu's P&L."
Earlier this month, Glu Mobile signed a multi-year deal with Taylor Swift to develop a new mobile game on the pop star.
Shares of the issue have surged 60 percent this year. They have been trading between $1.98 and $7.03 during the past 52 weeks.
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