Chinese mobile game developer and publisher Qingci Games officially launched its offering on the Hong Kong Stock Exchange on Monday. Its prospectus suggests the company will sell 85 million shares in this IPO, of which 76.5 million shares will be sold internationally and the remaining 8.5 million shares will be sold publicly in Hong Kong.
Qingci Games has priced its shares at HK $11.2 to HK $14.00, and is expected to officially go public on the main board on Thursday.
After this round of fundraising, Qingci Games will use the new funds to expand its product portfolio and improve the company’s game R&D capabilities and related technologies. The company is also looking to expand its business in overseas markets over the next two to three years while strengthening its distribution and operations in China’s mobile game market.
Qingci Games was established in 2012 and, to date, has 6 mobile games and 10 game reserves. The six mobile games are Yugong Yishan 3, Eternal Adventure, Lantern and Dungeon, Ares Virus, Gumballs & Dungeons, and Marvellous Snail, among which Lantern and Dungeon and Ares Virus are agent games, and the other four were developed in-house.
In the first month after the launch, Qingci Games’ self-developed Marvellous Snail earned more than 400 million yuan in revenue, and its average monthly active users from June to December 2020 exceeded 4.4 million, ranking second in the best-selling list of iOS games in China in 2020.
In addition, 4 of the 10 mobile games owned by Qingci are self-developed games. According to WeMedia “Leidi”, in 2022, Qingci will launch a new Route-like RPG game “Time Travel Agency”, leisure games “Magic Plan” and “Blade Heart 2”, RPG game “Ares Virus 2”, and ACT RPG game “Joust Run”.
In April this year, Qingci Games received 303 million yuan of strategic financing from Tencent