LineKong CEO reveals Hong Kong IPO plan
Move driven by The Legend of King success
Online and mobile game developer LineKong plans to go public in nine months, according to CEO Wang Feng.
Feng explained that the company has recorded profits, thus meeting the requirements to go public in the Hong Kong market.
The move is supported by the good performance of LineKong's mobile RPG, The Legend of King.
The title, which has been downloaded more than 20 million, has seen a monthly turnover of $7.3 million (RMB 45 million).Solo ambitions
Moving forward, LineKong has plans to test mobile game Sword of Sky in September, whilst the firm has also established a publishing centre, headed by the company's president Liao Mingxiang, to take advantage of wider Chinese game development skills.
LineKong's plan to go solo saw iot decline a $250 million (RMB 1.6 billion) merging offer from Longmaster Information and Technology earlier in 2013.
Looking to the future, CEO Feng predicts the market potential of the Chinese mobile gaming will reach RMB 50 billion in the next three to four years, driving more acquisitions and mergers.
Yet at the ChinaJoy 2013 conference, he also warned that "the majority of Chinese mobile game companies will die out".
"Speculators should leave the industry," he said.