沐瞳出售给外资，那国内发行业务怎么办？

Core Viewpoint - ByteDance is in early-stage negotiations with Savvy Games Group regarding the potential sale of Moonton, but there is no guarantee that the sale will occur [1] Group 1: Acquisition and Sale Context - ByteDance made a significant investment in acquiring Moonton in 2024, with reports suggesting the acquisition cost was as high as $4 billion [4] - Due to the high acquisition cost, ByteDance has faced challenges in divesting Moonton [4] - There were previous rumors about merging Moonton with another subsidiary, but the situation has evolved [4] Group 2: Regulatory Challenges - If Moonton is sold to Savvy Games, it will face regulatory challenges in the domestic market, as foreign entities are prohibited from publishing games in China [5] - Moonton may need to sign its self-developed games to a domestic publisher if acquired by Savvy Games [5] Group 3: Potential Structural Changes - Moonton could consider establishing an independent publishing company to continue its domestic publishing operations if it divests its current publishing team [6] - A similar case occurred with G-bits, which established a separate entity for game publishing due to foreign investment restrictions [7] Group 4: Alternative Structures - Moonton could set up a Variable Interest Entity (VIE) structure to maintain its domestic publishing capabilities while being controlled by foreign shareholders [10] - However, this approach may not fully comply with regulations, as the controlling shareholder would be a foreign entity [11] Group 5: Savvy Games' Investment Strategy - Savvy Games, a fund under the Saudi sovereign fund, has been actively acquiring gaming assets as part of Saudi Arabia's Vision 2030, shifting investments from traditional energy to gaming and entertainment [12] - Recently, Savvy Games has faced challenges in cash flow due to excessive acquisitions and a downturn in the Western gaming industry, indicating a potential slowdown in future acquisitions [17]