ByteDance's gaming subsidiary, Nuverse, is said to initiate a large-scale layoff starting from Monday.
ByteDance is seeking to sell its subsidiary gaming company, Moonton Technology, for a price not less than $5 billion, and has hired Goldman Sachs as a financial advisor to assist in finding and contacting potential buyers.
On November 15th, Tencent Holdings Ltd. released its third-quarter financial report, showing a revenue of 154.63 billion yuan, a year-on-year increase of 10%, and a net profit (Non-IFRS) of 44.92 billion yuan, a year-on-year increase of 39%.
On the evening of September 13, China's regulator announced a new batch of approval numbers authorizing the release of new online games in the country. The latest list finally includes titles developed by NetEase and Tencent.
Moxian, a Nasdaq-listed company engaged in bitcoin mining and related services in the United States, announced on August 15 that its wholly-owned subsidiary has transferred all equity interest of Moxian (Hong Kong) Limited to Liu Jiantao, a resident of China.
This week: Crypto investor Sequoia Capital China raises $9 billion, Chinese beauty app Meitu records up to $52.3 million in net losses amid crypto market crash, Animoca Brands leads $32 million funding round for Web 3.0 gaming company Planetarium Labs, and more.
Tencent Games officially assured that its subsidiary Shenzhen Tencent Tianyou Technology Co., Ltd. is one of the key entities in its game operations.
Razer, a retailer of gaming peripherals, took a major step toward delisting its shares from the Hong Kong stock exchange on Tuesday, paving the way for the company to become a private entity.
Well-link, a Chinese cloud gaming service provider, announced that it had completed the B round of financing with a total amount of 400 million yuan ($62.78 million).
Bytedance CEO Liang Rubo released an internal letter this morning, saying that the firm will make organizational changes and set up six business units.
As the name suggests, Mobile Legends: Bang Bang has indeed become a legend in the mobile game industry five years after its launch.
With factory workers who once formed China’s economic backbone aging and their children shifting from traditional sectors to the booming Internet industry, policymakers have taken steps to address the change.
There were a number of new developments across China's gaming industry this week, including the approval of 43 imported games, ImbaTV's announcement to host Valorant Competition and Bilibili's new partnership with Ping An Bank.
Over the past week, China's esports industry saw several key developments, primarily related to Tencent esports titles, including Honor of Kings, Peacekeeper Elite, League of Legends and CrossFire.
Last week several prominent non-endemic partnerships surfaced within the League of Legends esports scene, as did a multi-million dollar Series B2 financing round from China’s biggest esports company, VSPN.
Tencent has been sued by a Chinese public interest group on June 1 following accusations of providing "inappropriate content for minors" in its popular mobile game Honor of Kings.
Chinese esports company VSPN on Tuesday announced the completion of a multi-million dollar Series B2 financing round, led by Morgan Stanley Private Equity Asia (MSPEA). The funding will be directed towards the firm's global business expansion and the development of its esports content matrix, the VSPN+.
Over the past week, the esports industry in China has celebrated the International Labor Holiday by hosting multiple esports competitions for audiences and fans. Shanghai-based tournament organizer Imba TV hosted its $185 thousand Dota 2 i-League at the Shanghai Aegean Shopping Park in front of a limited live audience, while Tencent and VSPN also hosted a two-year anniversary party for Peacekeeper Elite in Chongqing, at which multiple partnerships were signed.
Following a somewhat unremarkable week, the Chinese esports industry has since observed some big moves entering April.
Shenzhen, China, will serve as the host city for the 2021 League of Legends World Championship Finals, one of the biggest esports competitions in the world.