What Forgame does

Forgame Holdings Limited is a Cayman Islands-incorporated, Hong Kong-listed (stock code 00484.HK, listed October 3, 2013) Chinese technology company headquartered in Shenzhen with operations across four business segments: Cloud Gaming (云网游戏), Fintech (金融科技), Electronic Trade (电子贸易), and Cloud Storage (云存储). Its flagship asset is the 91wan self-operated game publishing platform, operated via wholly-owned subsidiary Guangzhou Weidong Internet Technology, which has distributed hundreds of self-developed and licensed web and mobile games and accumulated over 200 million registered players since 2009. Recognized franchises include Soul Guardian, Boonie Bears, and Liberators; mobile gaming accounted for over 60% of revenue by mid-2015.

Revenue is generated through multiple streams: in-game monetization and licensing from web and mobile game publishing via 91wan; transaction-based fintech services including internet micro-lending (licensed December 2016 via subsidiary Yunke) and semiconductor industry supply-chain finance (expanded via the January 2017 acquisition of Jianlicai); subscription/recurring revenue from enterprise cold data cloud storage; and transaction fees from electronic trade of storage devices. The company has 500+ employees across 15+ branches/investments, holds 100+ patents, and has pursued M&A-driven expansion including VR gaming (Xigua Huyu / Touhao Wanka, 2019) and Animoca's mobile studio (Appionics, 2013).

Corporate governance shows frequent leadership turnover at the CEO and Board level since 2014, and reported financials from 2021–2025 indicate sustained negative operating income and EBITDA. The current go-to-market combines product-led growth through 91wan's self-serve consumer platform with direct enterprise sales for fintech, cloud storage, and electronic trade.

Name

Forgame

Legal name

Forgame Holdings Limited

Website

https://forgame.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Forgame is a Hong Kong-listed Chinese company operating the 91wan gaming platform (200M+ registered players) alongside fintech, electronic trade, and cloud storage segments, serving consumers with casual and mobile games and enterprises with financial and storage services.

Ownership category

akta.pro rank

Product category

Cloud Gaming and Fintech Services

NAICS

Amusement Parks and Arcades (7131)

SIC

Services-Amusement & Recreation Services (7900), Computer Storage Devices (3572)

akta.pro primary industry

Cloud Gaming Platform Operators (Subscription/On-Demand) (MPAFAHAA)

akta.pro secondary industries

Subscription, Bundling & Membership Distribution (Game Pass-like, Humble-like) (MPAFABAI), Mobile Game Publishing & App Game Stores (BPAMAKAB), Web3 Game Publishing & Distribution Platforms (FSAPAGAA)

Keywords

• Web game publishing
• Mobile game development
• Internet micro-lending
• Cloud data storage
• Supply chain finance

Headquarters

HQ city

Guangzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Cloud Gaming / Game Publishing: Revenue from web games and mobile games through the 91wan platform. The company develops and publishes games (both self-developed and licensed), generating revenue from game operations, virtual items, and licensing. Mobile gaming revenue has accounted for over 60% of overall revenue.
2. Fintech Services: Internet micro-lending business (obtained license in December 2016) and semiconductor industry supply chain financial services. Focuses on providing supply chain and financial services throughout the trade process for the domestic semiconductor industry.
3. Cloud Storage: Enterprise-level cold data storage solutions providing low-cost, large-capacity cloud platform services for business users.
4. Electronic Trade: Storage solutions for enterprise products around storage devices, providing full range of products from components to systems.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Forgame develops, publishes, and distributes web and mobile games (over 300 titles) through its self-operated 91wan platform with over 200 million registered players. Beyond gaming, the company runs a licensed internet micro-lending business and provides supply chain financial services to the domestic semiconductor industry, sells enterprise-grade cold data cloud storage, and trades storage device components and systems.

Product overview

Forgame Holdings Limited is a leading fintech and light gaming company in China with four core business segments: Cloud Gaming (云网游戏), Fintech (金融科技), Electronic Trade (电子贸易), and Cloud Storage (云存储). The company's flagship product is the 91wan gaming platform, which has distributed over 100 web and mobile games including the Soul Guardian series, Boonie Bears series, and Beauty Box, attracting over 225 million registered players. The company also operates an Internet micro-lending business (licensed since December 2016) and a VR experience franchise called Touhao Wanka (头号玩咖).

Differentiator

Problem solved

Functional benefit

Brands

• 91wan: Self-operated game publishing platform that has distributed hundreds of games and attracted over 200 million registered players.
• 云客 (Yunke)
• 简理财 (Jianlicai)
• 头号玩咖 (Touhao Wanka)

Products and services

• 91wan Game Publishing Platform Self-operated web and mobile game publishing platform distributing self-developed and licensed games, with over 200 million registered players and hundreds of titles catalogued.
• Fintech Services (Internet Micro-lending and Semiconductor Supply Chain Finance) Licensed internet micro-lending and supply chain financial services focused on the domestic semiconductor industry, supporting financing needs across the entire trade process.
• Cold Data Cloud Storage Service

Quantifiable outcome

• Over 200 million registered players on 91wan platform
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Xigua HuyucoreStrategic or Co-development PartnerAcquired 69.84% equity interest in May 2019 to expand the 'Touhao Wanka' brand offline in China and establish the first VR experience franchise. This acquisition indicates the further upgrade of the Group's games business into VR gaming.
• JianlicaicoreStrategic or Co-development PartnerAcquired 55% equity interest in January 2017 in Jianlicai, a financial information service business, expanding Forgame's presence in the fintech sector.
• AppionicsminorStrategic or Co-development PartnerAcquired minority interest in April 2013 in Appionics, owner and operator of Animoca studio, to expand into mobile and overseas market.
• MeituminorStrategic or Co-development PartnerStrategic partnership in 2015 to co-publish 'Beauty Box' mobile game targeting female users, laying foundation for casual game business.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• iDreamSky Technology: iDreamSky publishes and distributes mobile games in China with a developer-publisher model analogous to Forgame's 91wan. Both target casual Chinese gamers and operate self-publishing platforms.
• Kingsoft Cloud: Kingsoft Cloud operates enterprise cloud services in China, overlapping with Forgame's cloud storage (cold data) segment. Both serve enterprise customers seeking cost-effective cloud infrastructure built on Chinese data centers.
• Giant Network Group: Giant Network is a major Chinese online game developer/publisher with webgame and mobile game offerings. Like Forgame, it developed casual/strategy webgames before transitioning to mobile, and operates its own publishing platforms.
• CMGE Technology Group: CMGE is a China-based mobile game publisher with a similar developer-publisher model to Forgame's 91wan platform. Both publish licensed and self-developed mobile games targeted at Chinese consumers and compete for mobile user mind-share.

Broad incumbents

• Lufax Holding: Lufax is a leading Chinese internet finance platform that, like Forgame's micro-lending subsidiary Yunke, operates online lending and supply chain finance in the PRC. Both face similar Chinese fintech regulatory dynamics.
• Changyou (Sohu Games): Changyou is a Chinese PC and mobile game publisher historically focused on MMORPGs and webgames. Comparable to Forgame in its webgames-to-mobile transition and publisher-developer model targeting Chinese gamers.
• NetEase: NetEase is one of China's two dominant gaming companies with deep mobile, PC and cloud gaming capabilities. Comparable to Forgame as a major Chinese gaming publisher, though far larger in scale, IP and live-service portfolio.
• Perfect World Games: Perfect World is a major Chinese game developer/publisher spanning PC, mobile and cloud gaming. Comparable to Forgame in offering both self-developed IP and licensed distribution, with deeper R&D and live-service resources.

Regional players

• Animoca Brands: Animoca Brands is a Hong Kong-based mobile game and blockchain gaming company where Forgame acquired a minority interest in 2013 (via Appionics). Both operate at the intersection of mobile gaming, web3, and emerging platforms, though Animoca focuses globally while Forgame is China-centric.

Emerging players

• Beijing VR-Force / Sandman Studios: Sandman Studios and other Chinese VR experience operators compete with Forgame's Touhao Wanka offline VR entertainment franchise. Both build location-based VR entertainment venues in China, an early-stage category where Forgame is positioning as a first-mover.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/forgame

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries12 records

Funding overview

Funding rounds3 records

Investors4 records

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

M&A

Investments4 records

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

Frequently asked questions about Forgame