Entertainment, Exits, IPO, Venture Capital

Venture-Backed Gaming Firm G-bits Completes A-Share IPO

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A screenshot of one of G-bits' online games

G-bits Network Technology Co. Ltd., a Chinese online gaming company backed by IDG Capital Partners and Fortune Capital, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB961 million (US$138 million).

The Xiamen-based company is now valued at RMB5.5 billion (US$791 million), and is the first online gaming company to complete an IPO on the Chinese A-share market. There have been other online gaming companies listed on the domestic stock exchanges via reverse mergers previously.

Founded in 2004, G-bits develops and produces massive multiplayer online games, including Underground Castle, Unbelievable Maze and virtual reality-enabled games. The company recorded net earnings of RMB600 million in 2016, it said.

IDG Capital invested in G-bits in its series A funding round back in 2007, and holds an over 10% stake currently.

Fortune Capital and the direct investment arm of Ping An Insurance invested RMB160 million (US$23 million) in the company in 2011.

No other information is available on the company’s other funding rounds.

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