Despite Q1 2014 sales up 208% to $60 million, Chukong postpones US IPO

Splitting development and tools operations

Despite Q1 2014 sales up 208% to $60 million, Chukong postpones US IPO

According to rumours, Chinese mobile developer, publisher and tools outfit Chukong Technologies has postponed its planned US IPO.

The company filed its plans with the US Securities and Exchange Commission for a NASDAQ listing in February 2014.

It was planning to raise around $150 million.

Marbridge Daily now cites an email from CEO Chen Haozhi saying the company will delay its plans until later in 2014 while it looks to split its game development and publishing operations from its Cocos-2d development tools business.

Haozhi thinks that the market is undervaluing the company because the tools operation isn't generating any revenues.

Financial figures

Chukong reported turnover of around $60 million (RMB 366 million) in the first quarter of 2014. That's up 208 percent.

Net profit was $2 million, compared to a loss of $8 million in Q4 2014.

The main revenue driver for the company remains its Fishing Joy series, which generated $65 million in 2013, and around $21 million during Q1 2014.

The company has raised over $83 million in VC funding, including $50 million in October 2013.

[source: Marbridge]

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A Pocket Gamer co-founder, Jon is Contributing Editor at which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.