China: Mobile games developer ShineZone raises $58m

Visual from company website.

Sinovation-backed Chinese game developer ShineZone has raised up to $58 million in a Series B round from various Chinese investment companies.

Investors include Shenzhen-based China Fortune Securities, Bank of Ningbo, Ningbo-based Shanshan Venture Capital, Shanghai-based Jiuyou Fund, and Nord Engine Asset Management Group, as well as HT Venture capital, the China Money Network reported.

Based in Shanghai, ShineZone develops games mainly for the overseas market. It targets to reach $29 million in net profits this year and is even considering an initial public offering.

ShineZone launched in 2008 and now has over 23 games availed by hundreds of millions users in over 18 countries in different regions. It has partnered with Facebook, App Store, and Google Play.

China’s gaming industry recorded total sales of $24 billion in 2016. Locally, however, sales revenue of the gaming industry has been on a decline for the past two years.

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