Qingci Games Proposes Listing on Hong Kong Stock Exchange

Qingci Games Inc., an established mobile game developer and publisher in China, announced its proposal to list its shares on the Main Board of The Stock Exchange of Hong Kong Limited. The company plans to offer its shares at a price between HK$11.20 and HK$14.00 each, seeking to raise gross proceeds ranging from HK$952 million to HK$1.19 billion.

Qingci Games holds a significant position in the Chinese mobile gaming market. In 2020, the company ranked third and second among all Chinese mobile game companies based on gross billings for casual and idle games, respectively. It also secured the second-highest gross billings for self-developed rogue-like RPGs in China during the same year.

The company's self-developed idle game, "The Marvelous Snail," generated over RMB 400 million in gross billings within its first month of launch. From June to December 2020, the game maintained an average of 4.4 million monthly active users (MAU) and reached the number two spot on China's iOS Bestseller Games list in 2020.

Qingci Games has garnered support from prominent strategic investors in the mobile game industry, including G-bits Network Technology (Xiamen) Co., Ltd., Tencent Mobility Limited, Alibaba Group Holding Limited, and Bilibili Inc. Cornerstone investors also include Qookka Entertainment Limited, Boyu Capital Group Holdings Ltd., and GF Global Capital Limited.

The company continues to develop and license high-quality mobile games across various genres, such as parkour, strategy and simulation (SLG) including tower defense, action (ACT), shooter (STG), and action role-playing games (ACT RPG). As of the latest practicable date, Qingci Games was operating six mobile games and had a pipeline of ten additional titles under development.