Sony forms alliance to sell PlayStations in China
Sony has agreed to form two ventures with Shanghai Oriental Pearl to start making and selling PlayStation consoles after China lifted a 13-year ban on sales of the machines.
The Tokyo-based company will have a 70pc stake in one venture and 49pc in the other, according to a statement filed with the Shanghai Stock Exchange today.
Sony's CEO Kazuo Hirai seeks to tap players in the world’s largest market and rebound from a projected sixth loss in seven years.
The development comes after Microsoft announced plans to sell its Xbox One machine in China.
Sony rose 3.1pc to close at 1,683 yen in Tokyo trading.
The shares are down 7.8pc this year, compared with the 8.3pc drop on the benchmark Topix index.