January 29, 2023

Chinese language cellular recreation developer and writer Qingci Video games formally introduced its providing at the Hong Kong Inventory Alternate on Monday. Its prospectus suggests the corporate will promote 85 million stocks on this IPO, of which 76.5 million stocks can be offered the world over and the rest 8.5 million stocks can be offered publicly in Hong Kong.

Qingci Video games has priced its stocks at HK $11.2 to HK $14.00, and is predicted to formally pass public at the primary board on Thursday.

After this spherical of fundraising, Qingci Video games will use the brand new price range to extend its product portfolio and fortify the corporate’s recreation R&D features and similar applied sciences. The corporate could also be taking a look to extend its industry in in another country markets over the following two to a few years whilst strengthening its distribution and operations in China’s cellular recreation marketplace.

Qingci Video games was once established in 2012 and, to this point, has 6 cellular video games and 10 recreation reserves. The six cellular video games are Yugong Yishan 3, Everlasting Journey, Lantern and Dungeon, Ares Virus, Gumballs & Dungeons, and Marvellous Snail, amongst which Lantern and Dungeon and Ares Virus are agent video games, and the opposite 4 had been evolved in-house.

Within the first month after the release, Qingci Video games’ self-developed Marvellous Snail earned greater than 400 million yuan in earnings, and its moderate per 30 days lively customers from June to December 2020 exceeded 4.4 million, score 2nd within the best-selling listing of iOS video games in China in 2020.

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As well as, 4 of the ten cellular video games owned by means of Qingci are self-developed video games. In keeping with WeMedia “Leidi”, in 2022, Qingci will release a brand new Path-like RPG recreation “Time Shuttle Company”, recreational video games “Magic Plan” and “Blade Center 2”, RPG recreation “Ares Virus 2”, and ACT RPG recreation “Joust Run”.

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In April this yr, Qingci Video games gained 303 million yuan of strategic financing from Tencent, Alibaba and Bilibili. In Would possibly, those 3 corporations and Boyu Capital subscribed for brand new stocks issued by means of Qingci Video games for 101 million yuan respectively. In keeping with the prospectus, ahead of the IPO, Tencent, Alibaba, Bilibili and Boyu Capital respectively held 4.99%,  4.99%,  4.99%, and 1.87% stocks of Qingci Video games.