Home   >   News

Despite having $100 million in the bank, LineKong files for Hong Kong IPO

The rich get richer
Despite having $100 million in the bank, LineKong files for Hong Kong IPO
Stay Informed
Get Industry News In Your Inbox…
Sign Up Today

Every Chinese game conference I've attended in 2014 has been graced by LineKong's outspoken CEO Wang Feng.

In general, he's been talking about the developer's success since it switched from making unsuccessful online PC games to successful mobile games such as Excalibur, Sword of Heaven  and Blade of God.

But he's not be shy about his plans to float LineKong on Hong Kong's Growth Enterprise Market exchange; something that the company has now formally announced.

More money

In many ways, then, this isn't surprising news.

However, given the current state of M&A activities in the Chinese game sector - which has seen umbrella, flooring, hotel management and construction companies 'buying' game developers for what looks like highly inflated prices - a vanilla floatation is actually quite novel.

Another interesting aspect of the deal is that LineKong doesn't have to float to raise money. As Wang Feng revealed at ChinaJoy, thanks to three investment rounds, the company already has $100 million in the bank.

No doubt, though, the likes of IDG Capital Partners, Northern Light Venture Capital and Baidu will be happy to get a return on their investment.

[source: TechNode]