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Shengxunda Technology Takes a 67% Stake in TopFun Technology

2018-08-24

On the evening of July 3, 2018, Shengxunda (300518.SZ) announced its decision to take a 67% stake in TopFun Technology Co., Ltd. (TopFun) for RMB 502.5 million. On July 20, 2018, the acquisition was approved by the shareholders. CEC Capital served as the sole financial adviser to TopFun during this acquisition.

As the gaming market has become more competitive within China, many game makers have decided to market their games overseas. With a mobile game platform that has become very popular overseas, TopFun has demonstrated the advantages of targeting markets in Southeast Asian countries. The TopFun mobile gaming platform has gained recognition in many Southeast Asian countries, including Thailand, Vietnam, Indonesia, and the Philippines. Furthermore, the gaming platform has been ranked as one of the best of its kind in many Southeast Asian Countries. For example, TopFun games’ “Domino Qiu Qiu” and “Kunk” were among the top 10 best-selling games in Indonesia and Thailand. By the end of 2017, the number of users registered on the TopFun platform reached some tens of millions.

Shengxunda is recognized as a national high-tech enterprise in China that is integrating game development, contracted game distribution, platform operation, and mobile application development services. This acquisition will afford Shengxunda expanded game offerings and expanded marketing channels, with access to markets in Southeast Asian countries. Thus, Shengxunda will be able to increase its competitive edge within the gaming industry, while providing TopFun with capital to increase its profitability.

 


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