Tech firms jump on bandwagon

Beijing Baofeng Technology Co Ltd, an internet entertainment and technology company, plans to build a VR ecosystem, which includes content production, hardware, software and offline store expansion to boost the overall development of the sector.

Founded in 2014, the VR unit of Baofeng Technology stands out in the hot VR market in China. Within the past two years, its core product, the Mojing (meaning magic mirror) headset, has been frequently updated from the first to the fifth generation.

Its fifth-generation smartphone-driven VR glasses, named Mojing 5.0 and Mojing 5.0 Plus, priced at 499 yuan ($74) and 899 yuan, were unveiled in May.