Unity Software Inc, the US developer whose software was used in video games like Tencent Holdings' Honor of Kings, has mentioned on Tuesday that it had struck a deal to form a joint venture with multiple partners, valued at $1 billion, from its China business.

HIGHLIGHTS
Unity’s software was used in video games like Tencent Hol turn out its China unit 
The US developer would expand in the world's biggest games market 
It would be expanding game-making software to new technologies like metaverse

The announcement follows an exclusive report last week that Unity was in talks to turn out its China unit to expand within the world's biggest games market. As per the statement by the Unity, the partners within the joint venture include Alibaba, China Mobile, Oppo, ByteDance's Douyin, PCI Technology and G-Bits Network Technology Xiamen. It added that the company would retain majority of its ownership and control of the Chinese JV.

The JV, named Unity China, would very soon start building local custom versions of its core product for game developers and would become the exclusive distributor of Unity's product and services in China.

In 2012, Unity entered China and its eponymous software, referred to as a game engine, powers several of the country's preferred games, along with miHoYo's Genshin Impact.

As per last week’s report, Unity was in talks to turn out its China unit to provide help to expand itself within the world's biggest games market.

The talks happened as strained Sino-US relations exacerbate sensitivities over technology transfer along with data handling across borders, it has been prompting tech firms to reappraise their operations in China.

Well, during the same time there has been growing interest in expanding game-making software to new technologies like the so-called metaverse which could be considered as an immersive three-dimensional internet.

Also Read: SAMR, China’s High Regulator Fined Alibaba and Tencent for Failing Deals