Shinezone plans to float IPO this year

Source: Xinhua | 2017-02-18

SHANGHAI-BASED Shine­zone, which helps firms publish mobile games overseas, yesterday said it will launch a domestic initial public offering this year after raising about 400 million yuan (US$58 million) in the latest round of financing.

Shinezone, whose investors include Sina and IDG, helps domestic game firms and startups to expand game titles in overseas markets through Facebook, Apple’s App Store and Android’s Google Play. The latest round of financing lured new investors Bank of Ningbo and China Fortune Securities.

The firm declined to reveal more details of its planned IPO but it expects to complete the process this year.

Chinese developers have rapidly gained a foothold overseas in apps for entertainment, social networking and videos, according to US research firm App Annie.

Their combined revenue from Apple’s App Store in the year through September 30 rose 1.6 times to US$400 million in the US market alone, according to App Annie.