Malibu toymaker Jakks Pacific Inc. announced on Tuesday that it has formed a joint venture with Meisheng Culture and Creative Corp. to bring its products to China.
The partnership with the Chinese entertainment and cultural production industry group will create a Jakks subsidiary in the Shanghai Free Trade Zone that is expected to sell, distribute and market Jakks toys.
“The Chinese consumer market represents a wealth of untapped potential and we are excited by the countless new opportunities that will present themselves with this ground-breaking partnership, including new opportunities for our licensing partners to expand their brands in this market,” Stephen Berman, Jakks’ chief executive, said in a statement.
Shares of Jakks rose 13 cents, about 2 percent, in Tuesday trading to close at $6.69.
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