May 2026
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Largest Gaming - Mobile Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tencent, NetEase, Kunlun, Giant Network Group Co. and Bilibili.
 | Tencent is the world's largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat-China's super-app with roughly 1.3 billion users-embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu. | $56 | -11% | $509B | $500B | 4.5x | 9.5x | ||
| Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence. | $23 | -5% | $74B | $51B | 3.1x | 9.0x | ||
| Kunlun Tech Co Ltd engages in the development and distribution of online games in China. It also operates software application stores. The company develops and distributes web games, social games, mobile games, and software applications. Geographically, the company distributes its products in domestic and overseas markets. | $7 | +46% | $9B | $9B | 7.1x | (43.9x) | ||
| Giant Network Group Co Ltd is engaged in Internet culture and entertainment business, research and development and operation of Internet games, and other Internet business. | $4 | +86% | $7B | $6B | 8.6x | 20.9x | ||
| Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing site. Founded in 2009, it first focused on long-form content centered around anime, comics, and gaming, catering primarily to Gen Z users. Over time, the platform has broadened its content offerings to include a wider range of interests, successfully attracting a more diverse audience beyond the Gen Z demographic. | $18 | -6% | $7B | $5B | 1.2x | 8.7x | ||
| 37 Interactive Entertainment Network Technology Group Co Ltd is involved in the interactive entertainment business, mainly focused on the research, development, publishing, and operation of mobile games and browser games, while arranging the pan-entertainment business, including film and TV, animation, and music. Its operating segments include the Mobile Gaming business and the Web Game business. | $3 | +33% | $6B | $6B | 2.4x | 10.9x | ||
| Talkweb Information System Co Ltd is a provider of software and hardware integrated products and solutions in China. It offers software cloud services, intelligent computing, Hongmeng ecology, and mobile games. The company provides services to approx. 31 provincial-level administrative regions across the country and more than 10 overseas countries. It focuses on key areas and industries such as digital government, intelligent manufacturing, intelligent transportation, intelligent education, and intelligent parks. | $5 | +15% | $6B | $6B | 12.9x | 211.1x | ||
| Kingnet Network Co Ltd is a Chinese-based online game company. The company's main business covers research and development as well as the operation and publishing of quality entertainment content, including mobile games, web games, and PC games. It also engages in the operation of web game platforms and mobile app distribution platforms. | $2 | +1% | $5B | $4B | 5.6x | 14.5x | ||
| Kingsoft Corp Ltd is a Chinese software and Internet services company. The company's operating segment includes entertainment software and others and office software and services. It generates maximum revenue from the entertainment software and others segment. The entertainment software and others segment is engaged in the research and development of games, and the provision of online games, mobile games and casual game services. Geographically, it derives a majority of revenue from Mainland China, and also has its presence in Hong Kong, and Other Countries. | $3 | -35% | $4B | ($243M) | (0.2x) | (0.5x) | ||
| G-bits Network Technology (Xiamen) Co Ltd develops video games and other multiplayer online games. It offers client, Web, mobile, and VR games. Geographically, it operates through the region of China. | $50 | +38% | $4B | $3B | 3.1x | 7.4x | ||
| XD Inc is engaged in the development, operation, publishing, and distribution of mobile and web games and the provision of information services in China and overseas. It also operates TapTap, a game community and platform in China. It has two operating segments. The game segment, which is the key revenue driver, offers game publishing and operating services on its own and via other distribution channels. Revenues from this segment are derived from game publishing and operating services. The TapTap platform segment offers online marketing services to game developers, game publishers, or their agents. Revenues from this segment are derived from performance-based online marketing services. Its geographic areas are Mainland China and Other areas. | $7 | +41% | $3B | $3B | 3.1x | 10.1x | ||
| Yiyou Holdings Inc formerly, Nantai International Inc is an investment company planning to acquire liquor companies in China. | $100 | -- | $3B | $3B | — | — | ||
| Ourpalm Co Ltd is a China-based company engaged in the development, publishing, and operation of games. Its main business includes mobile terminal games, internet page games and product development, agent distribution and operation and maintenance of its peripheral products. | $1 | -5% | $2B | $2B | 14.6x | (102.3x) | ||
| Yoozoo Interactive Co Ltd is a game-based interactive entertainment company. The company implements the strategies of big data, globalization, and quality products to achieve integrated development across four major areas namely globalized game research and development and publishing, IP management, big data and intelligent technology, and pan-entertainment industry investment. It operates using a 'film-game integration' model to deliver a series of products such as films, games, cartoons, fiction, and commercial property, building a globalized ecosystem for the pan-entertainment industry. | $2 | -11% | $2B | $2B | 7.6x | (114.6x) | ||
| Guangxi Xinxunda Technology Group Co Ltd is engaged in Game software development, game operation and promotion, Internet performing arts and telecommunications business, etc. | $5 | +166% | $930M | $907M | 48.3x | (53.0x) | ||
| Tanwan Inc Formerly ZX Inc is a publisher of online game products in China. It is devoted to marketing and operating online games (in particular mobile games) in China. The online games developed by its clients marketed and operated by the company are delivered to players under the Tan Wan brand. The company has enabled the marketing and operation of game products. Its geographic markets are Mainland China, Hong Kong, and Others. It generates revenue from marketing and operating online games and consumer product business, including sales of private-label and local-flavor rice noodle products and other fast consumer foods under the brand Zha Zha Hui. | $2 | +24% | $862M | $553M | 0.9x | 1.8x | ||
| Hubei Century Network Technology Inc provides internet content and service aggregation platforms. Its products and services are network entertainment platforms, mobile internet, internet value-added products, and advertising business. It provides services to Internet cafes, the education sector, hotels, and other public Internet service sites. | $1 | -20% | $715M | $565M | 3.0x | 75.5x | ||
| NetDragon Websoft Holdings Ltd is an investment holding company. Along with its subsidiaries, it operates in the following reportable segments: gaming and application services, the Mynd.ai business, and the property development business. Its gaming and application services segment, which generates maximum revenue, includes Internet and technology-enabled services, including gaming and software, and related or ancillary services. The mynd.ai business is mainly an overseas education business. Geographically, the group generates maximum revenue from Mainland China and the rest from the United States of America, Europe, and other regions. | $1 | -9% | $587M | $714M | 1.1x | 5.4x | ||
| Shenzhen Zqgame Network Co Ltd is an online gaming company. The company focuses on the development, distribution and operation of online games, especially mobile game products. It provides entertainment experiences across online, mobile, and tablet platforms for the hardcore gamer. | $2 | +58% | $574M | $585M | 21.7x | 465.6x | ||
| Kaiser (China) Culture Co Ltd is a pan-entertainment company in China. It is engaged in mobile game research and development and distribution, animation production and investment, film and television drama production and investment, and Internet culture industry investment. | $0 | +25% | $456M | $456M | 5.6x | (7.4x) | ||
| Ciwen Media Co Ltd is a China-based company engaged in the investment, manufacture, and publication of movie and television plays. It is also engaged in the research, development, and promotion of games, artist brokerage business and the provision of information technology. The company distributes its products within domestic market and to overseas markets. | $1 | -- | $376M | $384M | 6.6x | (880.8x) | ||
| Sohu.com Ltd provides online media, games, and search products and services on PCs and mobile devices in China. The company operates in Sohu and Changyou segments. Sohu is an online media content and services provider. Through its social features, Sohu also enables users to generate and distribute content, as well as interact with each other on a platform. Changyou is an online game developer and operator. It generates maximum revenue from the Changyou segment. | $14 | +35% | $355M | ($440M) | (0.8x) | 14.1x | ||
| Zengame Technology Holding Ltd is a mobile game developer. The company operates self-developed and third-party-developed games. The company’s games include card games, board games, other casual games, and hardcore games, including Fight the Landlord, Sichuan Mahjong, Hunan Run Fast, Tiantian Love Chinese Chess, Happy Mengmengxiao and Kuaishou Fishing. It is also engaged in the investment business. | $0 | +12% | $336M | $3M | 0.0x | 0.0x | ||
| Archosaur Games Inc is a mobile game developer in China. The company's games include real 3D mobile MMORPG wargames, Loong Craft; Dragon Raja which is a real 3D mobile MMORPG powered by Unreal Engine 4; and real 3D turn-based mobile MMORPGs, Fantasy Zhuxian. The company generates the majority of its revenue from China. | $0 | +53% | $232M | ($16M) | (0.1x) | (14.8x) | ||
| Qingci Games Inc is a integrated mobile game developer and publisher in China. It offers mobile games that are designed to provide captivating content as well as distinctive and engaging gameplay experiences to players in mainland China and overseas. | $0 | -4% | $224M | ($25M) | (0.4x) | (1.2x) | ||
| Homeland Interactive Technology Ltd is a developer and operator of localized card and board games developer and operator in the PRC with a special focus on localized Mahjong and poker games. It derives revenue from game development and operation income from sales of virtual tokens and private game room cards. Its operating activities are attributable to a single operating segment focusing on the development and operation of mobile games in the People's Republic of China as well as other Asian Countries. | $0 | +12% | $207M | $19M | 0.1x | 0.7x | ||
| 7Road Holdings Ltd is a web-based and mobile online game developer and publisher in China. The company is engaged in the R&D, operation and licensing of several popular web games. It has developed games like DDTank, Chuanqi, and Wartune. | $0 | +100% | $203M | $156M | 2.0x | 11.5x | ||
| FriendTimes Inc is an online game manufacturer and operator in China. Its game portfolio includes Fate of the Empress, Legend of Empress, Promise of Lingyun, A Story of Lala’s: Rising Star, Twist of the Fate, Ink Sword: Jianghu. It derives revenue from provision of mobile game development and publishing services. Geographically the company operates in Mainland of the PRC and Overeas. | $0 | -43% | $123M | $10M | 0.1x | 0.6x | ||
| iDreamSky Technology Holdings Ltd operates a digital entertainment platform in the game publishing market in China. Its gaming portfolio includes role-playing games, endless running games, matching puzzle games and casual competition games among others. The company operates in one reportable segment: Game and information services segment. | $0 | -50% | $96M | $265M | 1.2x | (4.5x) | ||
| CMGE is a China-based mobile game developer and publisher. In 2024, roughly 8% of its revenue was generated from self-developed titles, while a significant 86% came from publishing games created by third parties, and the remaining 6% was attributable to licensing agreements. The company reported an average of 15 million monthly active users during the year. We estimate CMGE’s market share in China’s online gaming industry remains below 1%. | $0 | -47% | $90M | $150M | 0.7x | (0.7x) | ||
| Median | $2 | +12% | $896M | $649M | 3.0x | 1.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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