Top game firm's global ambition
Shengqu Games, the biggest domestically listed game firm in China, is to launch 20 new games in next two years and speed overseas expansion to become a “global cultural leader," it said in Shanghai.
Shanghai-based Shengqu is now a subsidiary of Shenzhen-listed Century Huatong, the top A-share-listed gaming firm, after it recently sealing a deal valued at 30 billion yuan (US$4.41 billion) to acquire Shengqu. Tencent is Shengqu's major shareholder after investing 3 billion yuan in the company in 2018.
By Wednesday, Century Huatong’s market value had reached 62.7 billion yuan, ahead of other domestically listed firms Giant and Perfect World. But Shengqu is still behind market leaders Tencent and NetEase, which are both listed overseas.
“Shengqu wants to be a global culture leader and create a sustainable gaming ecosystem,” said Wang Ji, chief executive of Century Huatong and chairman of Shengqu.
Shengqu, formerly known as Shanda Games, operates 43 self-developed games, more than half of the total game pipeline.
In 2018, Shanghai’s online game industry revenue gained 4.2 percent year on year to hit 71.2 billion yuan, a third of the national level.
Last year, Shengqu’s net profit reached a record 2.23 billion yuan, 324.5 percent growth from a year ago.