LineKong, an online game developer, planned to launch IPO in Hong Kong in 9 months, according to Wang Feng, CEO of the company. Wang said that the company has recorded profits, satisfying the conditions to go public in Hong Kong market (report in Chinese).
This decision is driven by the favorable performance of Excalibur (formerly known as The Legend of King), a mobile RPG released by LineKong after the firm shifted focus to mobile gaming sector in April. Excalibur has recorded a monthly turnover of 45 million yuan, gaining access to 120 gaming platforms and being downloaded for more than 20 million times, according to Wang. The company planned to launch the testing of another mobile game Sword of Heaven in September. Furthermore, LineKong also made headways into game publishing arena by establishing a publication center headed by the company’s president Liao Mingxiang.
Different from other game companies that accepted the acquisition offer from large enterprises, LineKong planned to go solo and declined a 1.6 billion yuan merging offer from Longmaster Information & Technology, an A-share listed company, earlier this year.
Wang is bullish on the market potential of gaming sector, predicting that the scale of domestic gaming unit is going to reach 50 billion yuan in three to four years. He added that the number of acquisition cases will double as of the end of this year and the heat will continue.