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(Yicai Global) April 8 -- Zengame Technology, the firm behind popular Chinese mobile card game Fight the Landlord, will go public in Hong Kong on April 15 and aims to raise between CNY201.6 million (USD30 million) and CNY377.6 million.
Zengame will use the proceeds to bolster research and development, fund promotional and marketing activities and acquire other gaming firms, according to the Shenzhen-based company's prospectus. It will also use them to fund expansion in overseas markets as well as for working capital and general corporate purposes.
Founded in 2010, Zengame ranked fifth in China's card and board mobile game market in terms of revenue in 2017 with a market share of about 4 percent. The firm's core team is mostly ex-employees from Tencent Holdings. Chief Executive Ye Sheng served as product director for QQ game products at Tencent while Yang Min, the company's vice chairman and chief technology officer, was once gaming R&D director at the tech giant.
Zengame's revenue rose by more than one-fifth to CNY555 million last year while profit surged by almost two-thirds to CNY108.8 million. Gaming accounted for 86 percent of earnings at CNY481 million while advertising made up 13 percent.
Revenues from card and board games made up 84.4 percent, 93.1 percent and 75.8 percent of the total, in the last three years, respectively. Daily active users of its flagship game rose by one-quarter to 5.1 million in 2018.
Decent Capital, headed by Tencent co-founder Jason Zeng, participated in the company's previous angel and A rounds.
Editor: William Clegg