Color Star Technology Co., Ltd. (HHT) stock saw its stock gaining as much as 31.46% on Friday. The stock concluded the day’s trading adding 22.93% to its value. News of strategic partnership of its subsidiary worked as a catalyst for price surge.
Color China Entertainment Limited or “Color China” is wholly owned company of the education services provider company. Color Star on Friday announced that its subsidiary company has signed an agreement with Red Phoenix Entertainment. The agreement between two companies is for long-term partnership to achieve mutual strategic targets. As part of the deal, both parties will get benefit from expertise of other’s in their respective services areas. The areas of collaboration include brand promotions, online star education and sports education.
Color China mainly focuses on entertainment by providing music and performance equipment education services. With new signed agreement it will get a chance of expanding well into area of sports also. It will enable the company to excel professionally with diversified approach into sports education services area. The collaboration deal also opens door of entrainment industry to Color China. The sports industry is more derivative and lucrative compared to entertainment area. The company will see its operability in variety of areas whether online or offline.
Color Star and its subsidiary Color China are in near-future plans of launching software of their own. The software is developed to provide star online education services on international level. Red Phoenix will help Color China in launching the software using its deep-market presence in sports. The leverage so provided by Red Phoenix will include encouraging popular athletes to join Color China for sports education.
Color China is in plans of attaching top athletes as instructors on its star service, said MR Biao Lu, Color Star‘s CEO. This will help Color China expanding strategically in sports industry. Collaboration with Red Phoenix will bring in more users for Color Star and help it achieve new goals. In depth and long-term strategic partnership will undoubtedly be beneficial for both parties. This will be win-win situation for either of the companies.