What Kingnet does

Kingnet (恺英网络股份有限公司, SZ.002517) is a publicly listed Chinese internet gaming company headquartered in Shanghai, founded in 2008 and operating four integrated business pillars: R&D, Publishing, Investment+IP, and User Platform. The company develops, publishes, and distributes mobile and web games through its proprietary XY.COM platform and through tier-1 distribution partners including Tencent (exclusive distribution on multiple flagship titles) and Bilibili. Its portfolio spans action RPGs (Dragon Nest World, Hot-Blooded Rivers: Return), MMORPGs (Sword and Fairy: A New Beginning, New Legend of the Condor Heroes, Eternal Dragon Clan), strategy and casual titles (Three Kingdoms: Return to Heart, Monster Alliance, Rainbow Orange), and licensed Korean/Japanese franchise adaptations (Miracle MU, Ragnarok, Mazinger Z, Gundam, Digimon). Several legacy titles have demonstrated extreme durability at scale, including Blue Moon Legend (30B+ RMB cumulative) and Heaven's Battle (10B+ RMB cumulative).

The company's revenue model combines free-to-play game monetization (in-app purchases), platform commissions via XY.COM, IP licensing and royalties from both licensed global franchises and self-cultivated original IPs (Baigong Ling 百工灵, Suishi Ling 岁时令), and strategic investment returns across gaming value-chain and intelligent-technology adjacencies. International publishing spans the US, UK, Germany, France, Canada, Spain, and Brazil. Kingnet's strategic-investment portfolio includes Hangzhou Jiyi AI (developer of the SOON AI game creation platform), Natural Selection Shenzhen (EVE AI companion), Hangzhou Xinguang Liumei (mobile/PC games), and DPVR (VR hardware and content).

Kingnet has positioned AI as a cross-cutting capability stack: SOON drives internal game development, Moment Stream (时光川行) operates a proprietary vertical video generation model for AI micro-dramas and AI anime, and Warm Star Valley Dream Journey (暖星谷梦游记) extends the brand into AI-powered consumer hardware (AI smart dolls). Operationally the company reports over 1,000 employees in core R&D/operations subsidiary Shanghai Kexin, with broader headcount in the 1,001–5,000 range, and has accumulated strong governance and ESG credentials (Wind ESG AA industry #1, CDP B rating, National Key Cultural Export Enterprise designation 2025-2026).

Name

Kingnet

Legal name

恺英网络股份有限公司

Website

https://kingnet.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Kingnet (SZ.002517) is a publicly listed Shanghai-based Chinese gaming company developing, publishing, and distributing mobile and web games through its XY.COM platform, licensed global IPs (Ragnarok, MU, Gundam, Digimon, Sword and Fairy), and proprietary AI tools including the SOON game creation engine.

Ownership category

akta.pro rank

Headquarters

HQ city

Minhang

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Game Development & Publishing: Core business developing and publishing mobile games and web games, including licensed IPs and self-developed titles. Revenue from game operations, in-app purchases, and publishing fees.
2. XY.COM Platform Operations: Operating the XY.COM gaming platform covering mobile games, H5 games, and web games. Platform has launched over 100 premium games and generates revenue through game distribution and co-publishing.
3. IP Licensing & Royalties: Building a rich IP resource library through introducing global top IPs and self-cultivating original IPs. Revenue from IP licensing and royalties.
4. Investment Returns: Strategic investments in game industry上下游 and intelligent technology sectors generating returns through equity appreciation and strategic synergies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Kingnet develops, publishes, and operates mobile games and web games through its proprietary XY.COM platform and third-party channels such as Tencent and Bilibili. The company licenses global IPs (Ragnarok, Gundam, Digimon, Sword and Fairy, Legend of Mir) and cultivates original IPs (Baigong Ling, Suishi Ling) to produce MMORPGs, ARPGs, and casual titles. Beyond game publishing, Kingnet operates the SOON AI game creation engine and Moment Stream AI content production subsidiary.

Product overview

Kingnet (恺英网络, SZ.002517) is a leading Chinese internet gaming company with a diversified portfolio spanning mobile games, web games, game platforms, original IP, and AI technology products. Core gaming products include action RPGs (龙之谷世界, 热血江湖：归来), strategy games (三国：天下归心), casual games (彩虹橙, 怪物联萌), and classic Legend franchises (原始传奇, 天使之战). Platform products include the XY Game Platform (XY游戏平台) and the 996 Legend Box (996传奇盒子) serving legacy game players. The company has expanded into AI technology with the SOON AI Game Creation Platform for internal game development, and AI-powered products like the Warm Star Valley Dream Journey (暧星谷梦游记) AI companion toy brand. Through subsidiaries and investees, Kingnet also operates VR products (大朋VR), original anime IP (百工灵, 岁时令), and AI content production (Moment Stream).

Differentiator

Problem solved

Functional benefit

Brands

• XY.COM: 知名游戏平台，覆盖移动游戏、H5游戏、网页游戏运营
• SOON
• 暖星谷梦游记
• 百工灵
• 岁时令
• 时光川行 (Moment Stream)
• 极逸SOON

Products and services

• Dragon Nest World (龙之谷世界) Classic action adventure mobile game co-published with Shengqi Games, recreating Dragon Nest PC gameplay for mobile players.
• Hot-Blooded Rivers: Return (热血江湖：归来) MMORPG mobile game officially authorized by the Hot-Blooded Rivers anime IP, preserving nostalgic Q-version style with improved visuals.
• The Legend of Sword and Fairy: A New Beginning (仙剑奇侠传：新的开始) Multi-character cultivation martial arts RPG following the original Sword and Fairy story with five new gameplay mechanics.
• Monster Alliance (怪物联萌) Light Q-version casual tower defense game combining strategy tower defense with card collection and cultivation.
• Quanmin Jianghu (全民江湖) Youth martial arts MMORPG mobile game exclusively authorized by Mgame's classic online game Hot-Blooded Rivers Online.
• Stone Age: Awakening (石器时代：觉醒) 3D turn-based MMORPG set in the Stone Age world combining strategy, cultivation, and casual gameplay.
• Battle of Angels (天使之战) MMORPG mobile game with high-fidelity recreation of classic visuals, featuring three classic classes Warrior, Mage, and Archer.
• Original Legend (原始传奇) ARPG preserving 1.85 version Legend classic gameplay with real-time PK, BOSS equipment drops, and free trading.
• Eternal Alliance (永恒联盟) Retro Miracle mobile game with official IP authorization, using advanced technology to recreate classic PC game graphics.
• New Legend of the Condor Heroes (新倚天屠龙记) Multi-character cultivation martial arts RPG respecting the original Condor Heroes plot with five new gameplay mechanics.
• Rainbow Orange (彩虹橙) Q-version style mobile game with cartoon supplementary visuals, featuring familiar characters blended with new gameplay elements.
• The Lost Tomb: Start (盗墓笔记：启程) Exploration puzzle mobile game officially authorized by Nanpai Sanren, featuring Iron Triangle characters exploring underground worlds.
• Gundam Battle Confrontation (敢达争锋对决) Mobile game featuring iconic Gundam mecha battles, co-developed with Bandai Namco Shanghai.
• Three Kingdoms: Return to Heart (三国：天下归心) Three Kingdoms-themed SLG strategy game where players assume role of a warlord in chaotic era to begin conquest.
• Mecha Party (机甲派对) Self-developed VR game launched in overseas markets.
• Eternal Dragon Clan (永恒龙族) Classic Dragon Raja IP officially authorized MMORPG mobile game reviving the classic IP on mobile platforms.
• Stranger Heroes Cyberpunk-themed Roguelike tower defense mobile game launched globally across multiple countries.
• Ragnarok: The Adventure of Promise (仙境传说之约定好的冒险) Vertical multi-character cultivation mobile game officially authorized by Gravity's Ragnarok IP.
• Digimon: Source Code (数码宝贝：源码) Next-gen Digimon IP adventure mobile game co-developed with Bandai Namco Shanghai Entertainment.
• Legend Returns (传奇归来) Classic 1.80 combo version Legend-style authorized MMORPG mobile game.
• XY Game Platform (XY游戏平台) Proprietary gaming platform covering mobile games, H5 games, and web game operations, hosting over 100 premium games with cumulative coverage of hundreds of millions of users.
• 996 Legend Box (996传奇盒子) Legend game platform offering access to multiple Legend titles, recognized with multiple industry awards.
• SOON AI Game Creation Platform (极逸SOON) One-stop AI game creation engine developed by subsidiary Hangzhou Jiyi AI Technology, deeply integrating AI technology with gaming industry expertise to reshape game production paradigms.
• Warm Star Valley Dream Journey AI Smart Dolls (暖星谷梦游记) Healing AI toy brand created by Kingnet subsidiary Kaiwan Technology, combining AI with physical toys for AI-powered companionship experiences.
• Baigong Ling (百工灵) Original Chinese handcraft-themed girl manga IP that received Best Innovation Team Award at the 5th Chinese Game Innovation Competition.
• Suishi Ling (岁时令) Original Chinese festival personification picture book-style science comic featuring traditional Chinese festivals personified.
• Legend World Web Version (传奇世界网页版) Web game version of the Legend World franchise accessible via browser.

Quantifiable outcome

• 100+ games launched on XY.COM platform
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature3 records

Partnerships

19 partnerships are on record, tiered core, secondary and minor.

• Shengqu Games (盛趣游戏)coreStrategic or Co-development PartnerCo-publishing partnership for Dragon Valley World (龙之谷世界), a classic action adventure mobile game developed over 5 years to bring the classic PC game elements and combat experience to mobile platforms
• Tencent (腾讯)coreChannel Partner/ Reseller/ DistributorTencent serves as exclusive distribution partner for multiple Kingnet titles including Sword and Fairy: New Beginning, Blue Moon Legend 2, and various other major games. Also partnered for cloud services and AI technology development.
• Bilibili (哔哩哔哩)secondaryChannel Partner/ Reseller/ DistributorBilibili serves as exclusive distribution partner for certain game titles and hosts VR gaming content on its platform
• Bandai Namco (万代南梦宫)coreStrategic or Co-development PartnerCo-developed Digimon: Source Code (数码宝贝：源码) mobile game with Bandai Namco (Shanghai) Entertainment. Also partnered for Gundam Battle (敢达争锋对决) publishing.
• China Film Studio Xi'an (西安电影制片厂)secondaryStrategic or Co-development PartnerStrategic partnership for game and film IP integration - Sword and Fairy: New Beginning x A Chinese Odyssey (大话西游) cross-promotion collaboration
• China Academy of Fine Arts (中国美术学院)secondaryStrategic or Co-development PartnerStrategic partnership established in June 2022 for art education, rural aesthetic education cooperation, and cultural heritage preservation initiatives
• China Writers Village (中国作家村)minorStrategic or Co-development PartnerStrategic partnership for IP development and literary collaboration in gaming
• NetEase (网易)minorChannel Partner/ Reseller/ DistributorJointly published World of Warships Blitz (战舰世界闪击战) - co-distribution partnership for naval combat game
• Huafu Securities (华福证券)minorStrategic or Co-development PartnerParty building co-construction partnership signed with Huafu Securities Shanghai Branch Party Committee
• Shanghai Film Co. (上影股份)minorStrategic or Co-development PartnerParty building co-construction partnership signed with Shanghai Film Co. Party Committee
• GravitycoreOEM/ Whitelabel/ Licensing PartnerLicensed Ragnarok IP for mobile game development - Ragnarok: The Promised Adventure (仙境传说之约定好的冒险)
• Namco (南派三叔/盗墓笔记)coreOEM/ Whitelabel/ Licensing PartnerLicensed Grave Robbers Chronicles IP for mobile game development - Grave Robbers Chronicles: Departure (盗墓笔记：启程)
• SunrisecoreOEM/ Whitelabel/ Licensing PartnerLicensed Sunrise IP for mobile game development - Majordomo Hero (魔神英雄传)
• Chinese Academy of Arts Education Foundation (中国美术学院教育基金会)minorStrategic or Co-development PartnerPartnership for deepening rural aesthetic education cooperation and public welfare initiatives
• Bigo (贪玩游戏)secondaryChannel Partner/ Reseller/ DistributorExclusive distribution partnership for Original Legend (原始传奇) and other major game titles
• LaTalesecondaryOEM/ Whitelabel/ Licensing PartnerLicensed LaTale IP for mobile game - Rainbow Orange (彩虹橙)
• MgamesecondaryOEM/ Whitelabel/ Licensing PartnerLicensed Hot Blood Rivers Online IP for mobile game - All People Rivers and Lakes (全民江湖)
• Chinese Academy of Media (中手游)coreStrategic or Co-development PartnerDeepened cooperation for Sword and Fairy 30th anniversary collaboration and future development plans
• Tencent Cloud (腾讯云)coreTechnology or IntegrationCloud services and AI technology cooperation - cloud migration for classic IP game engine development, particularly for Hot Blood Rivers IP technology engine

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• miHoYo / HoYoverse: China's leading premium game developer behind Genshin Impact and Honkai Star Rail. Represents the high-growth premium gaming segment that Kingnet does not currently compete in at scale.
• Tencent Games: Dominant Chinese gaming conglomerate and Kingnet's largest distribution partner. As both exclusive distributor and competitor, Tencent represents the structural incumbent that shapes Kingnet's go-to-market strategy.
• NetEase (网易): One of China's largest gaming companies with extensive mobile, PC and console game portfolio. Has co-publishing partnership with Kingnet on World of Warships Blitz. Broader incumbent with much larger scale and broader genre coverage than Kingnet.

Direct peers

• Perfect World (完美世界): Major Chinese game developer and publisher of PC and mobile MMORPGs, with similar IP-driven portfolio strategy and cross-platform publishing approach as Kingnet. Both companies compete in Chinese MMORPG and web game categories.
• Century Game / XD Inc. (心动网络): Chinese mobile game developer and publisher, also operates TapTap — a major indie game distribution platform. Comparable business model with mobile game publishing and platform operations.
• 37 Interactive Entertainment (三七互娱): Leading Chinese mobile and web game publisher with strong distribution and platform operations. Direct competitor with comparable mobile/web game publishing and platform-based monetization model.
• Giant Network (巨人网络): Chinese game developer and publisher focused on mobile and web games, including legacy IP-based MMORPGs. Direct competitor in the same product categories as Kingnet, particularly in legacy IP mobile gaming.
• Zulong Entertainment (祖龙娱乐): Chinese mobile and PC game developer focused on 3D MMORPGs and action games. Direct peer in the mobile game development space with comparable product categories.
• Shengqu Games (盛趣游戏): Major Chinese game developer/publisher and partner of Kingnet on Dragon Nest World. Operates in the same legacy IP-driven MMORPG category with strong mobile/web publishing capabilities.

Regional players

• Bandai Namco: Major Japanese game publisher and Kingnet's partner on Gundam Battle Confrontation and Digimon: Source Code. Operates in overlapping IP-driven mobile gaming categories from a Japan-based position with global distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kingnetgaming
• Facebookfacebook.com/twshushan

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries12 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments11 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kingnet