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Rare-Known Gaming Vendor Sunity Filed for IPO, Joke Again?
In a time when Lashou canceled IPO road show with no definite timetable to restart the process and VANCL put off IPO partly due to investors’ dispute over its valuation and partly due to market fluctuation, a relatively rare-known gaming company Sunity Online Entertainment Limited filed for IPO in NASDAQ under the ticker “SUNG”, aiming to raise up to US$ 8 million while the money would go towards R&D expansion, marketing and promotion expenditure, acquisition and so on.
According to the Beijing-based company’s prospectus, it generated US$ 2.868 million, $3.886 million and $ 4.86 million in revenue in 2009, 2010 and 2011 respectively through its titles Qi Hang Game, Han Dynasty Game, Happy Canyon Game and In Search of Supernatural. Qi Hang Game is a cards and chess game with time-based revenue model while the latter three are all webpage-based game with virtual item-based approach to revenue.
More details about these two and its other in-the-pipeline games can be found here and here. The company also operates a newly-founded gaming site 633.com to host both its own and 3rd party games, a model similar to 17173.com and duowan.com on some level except for 633.com provides no game news and information service.
You can also find its prospectus here.
ICM Capital Markets Ltd replaced Rodman & Renshaw,LLC as its lead underwriter for this time. By “for this time”, I mean, actually the company tried to file for IPO for the first time in last September targeting raising up to US$ 10 million, which was found amusing by some of its Chinese peers.
However, old news has it that the company’s leading game Qi Hang Game is a de facto online casino which should be facing serious regulation problem in China.
screenshot of the company’s website