He also announced Baofeng has just bought Internet game developers GumpTech Co Ltd and Lidong Technology Co, and Jiangsu Straw Bear Pictures, for a total investment of 3.1 billion yuan ($480 million).
A new joint venture VR film and TV program company is being created with Jiangsu Straw Bear, which hopes to release its first VR video within months, said Feng, while it will use Lidong to help expand its VR games offerings.