After a series of dramatic twists related to a $2.3M USD esports advertising dispute case between Chinese conglomerate Tencent Holdings and China’s biggest chili sauce brand Lao Gan Ma (LGM), it would appear that the story is coming to an amicable end.
Tencent Holdings and LGM released a joint statement Friday announcing that the two companies have made a compromise.
According to the statement, Tencent has withdrawn the lawsuit from the Shenzhen Nanshan Court and will cooperate with LGM to aid the Guiyang Police Office in prosecuting three suspects who were arrested for faking LGM’s company seal and pretending to be marketing representatives with the goal of signing a contract with Tencent to obtain CD-keys for games.
Tencent and LGM have had a deep conversation on this incident and LGM was offered a sincere apology by Tencent for the misunderstanding, according to the announcement.
In addition, LGM and Tencent have confirmed that the two companies plan to partner for real in the future.
Despite the fact that the two companies have not announced details of this future partnership, the announcement has managed to go viral on the internet and has become a “partnership trailer.”
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