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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
S.F. Holding
06936.HK		 Air Freight & Logistics 32.3-36.3 200 N/A 2024/11/22 2024/11/26 2024/11/27
Jiuyuan Gene
02566.HK		 Biotechnology - Medical Devices 11.48-12.56 200 N/A 2024/11/25 2024/11/27 2024/11/28
Mokingran
02585.HK		 Watch & Jewellery 12-14.4 200 N/A 2024/11/26 2024/11/28 2024/11/29
QINGCI GAMES (06633.HK)
Summary
We are an established mobile game developer and publisher in China, offering mobile games that are designed to provide captivating content as well as distinctive and engaging gameplay experiences to players in mainland China and overseas. Our games are particularly popular among the young generation that is aged 30 or below. As a leader in casual games, especially idle games, and rogue-like RPGs in China, we have developed, published and operated a number of popular games. Our growth during the Track Record Period was primarily driven by the launch of new games. As of the Latest Practicable Date, we operated six mobile games and we had a pipeline of 10 mobile games.

Our Existing Games

Our landmark mobile games, such as The Marvelous Snail (最強蝸牛), have recorded significant gross billings and achieved high rankings on the game lists widely recognized in our industry. For example, The Marvelous Snail recorded gross billings exceeding RMB400 million in the first month following its launch in June 2020 and had an average MAU of 4.4 million from June to December 2020. The Marvelous Snail also obtained the ranking of No. 2 on the iOS Bestseller Games List in China in 2020. This game generated revenues of RMB1,170.0 million and RMB516.5 million in 2020 and the six months ended June 30, 2021, respectively, accounting for 95.3% and 67.7% of our total revenues in these respective periods, and therefore it was the main driver for our net profit growth in these periods. See “Risk Factors—Risks Related to Our Business and Industry—A small number of games have generated a substantial majority of our revenues and the growth of our revenue in 2020 and the first six months of 2021 compared with prior periods relied heavily on one of these games. Failure to maintain the success and extend the lifecycle of these games and competition from other games of the same genre with similar content may materially and adversely affect our business and results of operations” and “Risk Factors—Risks Related to Our Business and Industry—We may not be successful in developing new games, and if we are unable to effectively control our research and development costs, our results of operations may be materially and adversely affected.” The gross billings of Lantern and Dungeon (提燈與地下城) exceeded RMB185 million in the first month following its launch in March 2021. It also topped the iOS Top 10 Free Games Chart in China for six consecutive days after its launch and obtained the ranking of No. 4 on the iOS Bestseller Games List in China. Our outstanding game publishing and operation capabilities enable us to reach a broad, active player base. In the six months ended June 30, 2021, the average MAU for all of our games amounted to 3.1 million. Competition in China’s mobile game market is intense, with a few major market players dominating the market and tens of thousands of mobile game companies competing with each other. In China’s mobile game market, the top five market players collectively held a market share of 72.5% and the top two market players held an aggregate market share of 60.4% in terms of revenue in 2020, according to Frost & Sullivan. In 2020, we held a market share of 0.4%, as measured by revenue, ranking 20th among all market players in China, according to the same source.

Consistent with industry practice, we normally conduct significant marketing and promotion activities for a game before and around the time we officially launch this game and when we release new versions with substantial updates of this game. Accordingly, the gross billings, revenue contribution and key operating metrics such as average MAUs and average MPUs for a game could be relatively high in the first month after its launch or the release of a new version with substantial updates. That is, key operating metrics of our games could fluctuate around the time of a new game’s launch and the release of new versions of the game supported by our corresponding marketing and promotion activities. For example, while The Marvelous Snail and Lantern and Dungeon have recorded the highest gross billings in the first month after their respective launch dates, Gumballs & Dungeons (only considering gross billings generated from our publishing of this game) and Eternal Adventure have recorded the highest monthly gross billings in the sixth and 51st month after their respective launch dates, which resulted from releases of their new versions with substantial updates. In addition, The Marvelous Snail experienced a slowdown in revenue growth in the first six months of 2021 compared to the year of 2020, as it moved to the maturity stage. Likewise, this game experienced declines of its average MAUs and average MPUs from 4,417 thousand and 701 thousand, respectively, in 2020 to 1,481 thousand and 257 thousand, respectively, in the six months ended June 30, 2021. These changes represented a natural development along a new game’s lifecycle. During the Track Record Period, our revenue and profit were materially affected by the fluctuations in performance of a limited number of landmark games. As we launch more games in future, we expect that we will rely less on a single landmark game, which would be able to reduce the fluctuations of our revenue and profit.

According to Frost & Sullivan, we have achieved the following remarkable results:

‧ We ranked third and second among all mobile game companies in China in 2020 in terms of gross billings from casual games and idle games, respectively, holding a market share of 4.4% and 16.7%, respectively.

‧ We ranked second among all mobile game companies in China in 2020 in terms of gross billings from self-developed rogue-like RPGs, holding a market share of 8.6%.

‧ We ranked fourth, in terms of average gross billings per self-developed game in 2020, among all mobile game companies in China that had aggregate gross billings from self-developed games of over RMB1.0 billion.

‧ The lifecycles of our games in operation as of the Latest Practicable Date generally ranged from 60 to 96 months, significantly longer than the industry average for idle games (10 months) and for rogue-like RPGs (12 months).

Source: Qingci Games (06633) Prospectus (IPO Date : 2021/12/06)
Listing Market MAIN
Industry Gaming Software
Background Others
Major Business Area N/A
Corporate Information
Substantial Shareholders Yang Xu (29.81%)
G-bits Network Technology (Xiamen) Co., Ltd. (18.55%)
Huang Zhiqiang (9.01%)
Ye Jiting (7.26%)
[09988] Alibaba Group Holding Limited (5.34%)
Directors Yang Xu (Chairman and President and Executive Director)
Huang Zhiqiang (Chief Executive Officer and Executive Director)
Zeng Xiangshuo (Chief Operating Officer and Executive Director)
Liu Siming (Chief Financial Officer and Executive Director)
Fang Weijin (Independent Non-Executive Director)
Lam Sing Kwong Simon (Independent Non-Executive Director)
Yuan Yuan (Independent Non-Executive Director)
Company Secretary Zhu Chengyin
Yung Mei Yee
Principal Bankers China Merchants Bank
Xiamen International Bank
Industrial Bank Co., Ltd
CMB Wing Lung Bank Limited
Solicitors Cleary Gottlieb Steen & Hamilton (Hong Kong)
Auditors PricewaterhouseCoopers
Registered Office 40th Floor, Dah Sing Financial Centre, No.248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No (852) 2862-8628
Internet Address http://www.qcplay.com
Email Address ir@qcplay.com
Tel No
Fax No
 
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