Elex Technology

What Elex Technology does

Beijing Elex Technology Co., Ltd. is a mobile game developer and publisher founded in 2008 and headquartered in Beijing, China. The company specializes in strategy, RPG, and casual mobile games for the global market, with its flagship title Clash of Kings reaching 100 million users worldwide and achieving top-5 in-game revenue rankings in more than 50 countries. Its portfolio also includes officially licensed The Walking Dead: Survivors, Age of Warring Empire, Clash of Queens, Age of Kings, Love Nikki - Dress Up Queen, Magic Rush: Heroes, Mr. Love: Queen's Choice, and Food Fantasy, distributed to 200+ countries through Google Play, Apple App Store, and Elex's proprietary Xingyun international publishing platform (launched 2010). The company maintains eight offices across China, Taiwan, the United States, Japan, and the Philippines and has been recognized as a Chinese National Cultural Export Key Enterprise for seven consecutive years.

Elex operates a freemium, direct-to-consumer mobile gaming model: games are free to download with revenue generated via in-app virtual currency and item purchases. Beyond self-developed titles, the company runs an agency publishing business (e.g., DDTank, Love Nikki) and a gaming-related investment arm that supplements the core P&L. Its technical stack centers on a proprietary real-time strategy game engine supporting multiple civilizations (Huaxia, Viking, Yamato, Dragon-Born, Crescent Moon) with cross-platform multiplayer and alliance systems. Distribution relies primarily on mobile app stores plus cultural and offline brand collaborations (e.g., DunHuang Inspiration, Nanchang Bookstore).

The company is incorporated as Beijing Elex Technology Co., Ltd., has 501-1,000 employees, and is listed on China's NEEQ (New Third Board) under stock code 872801 since 2018. Elex completed a mixed-ownership reform in 2021 introducing qualified investors and employee stock ownership. Cumulative disclosed funding totals approximately $14M across rounds in 2010 (Tencent), 2011, and 2012 (Sinovation Ventures). The most recent disclosed revenue (2013) was over 550M RMB with total turnover over 700M RMB, supported by game MAU exceeding 50M; no more recent revenue figures are publicly available.

Name

Elex Technology

Legal name

Beijing Elex Technology Co., Ltd.

Website

https://elex-tech.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Beijing Elex Technology is a mobile game developer and publisher founded in 2008, self-developing and globally publishing freemium strategy and casual titles including Clash of Kings (100M users) and the officially licensed Walking Dead: Survivors to consumers in 200+ countries via app stores.

Ownership category

akta.pro rank

Product category

Mobile Gaming

NAICS

Software Publishers (5132)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

Keywords

• Mobile game development
• Strategy game publishing
• Free-to-play gaming
• Mobile game publishing
• Game IP licensing

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices8 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Mobile Game Publishing: Self-developed mobile games published globally through app stores, generating revenue through in-game purchases and virtual currency. Main business includes Clash of Kings (100M users), The Walking Dead: Survivors, and other strategy titles.
2. Investment Business: Investment in game development studios and gaming-related ventures, supplementing the core self-developed game business
3. Agency Game Business: Publishing games developed by third parties, including titles like DDtank, Food Fantasy, and Love Nikki-Dress Up Queen

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Elex Technology is a mobile game developer and global publisher specializing in real-time strategy games for international markets. The company self-develops flagship titles such as Clash of Kings (100 million users) and The Walking Dead: Survivors, and additionally runs an agency publishing business for third-party-developed games (DDtank, Food Fantasy, Love Nikki-Dress Up Queen). Revenue is generated primarily through in-app purchases on free-to-play mobile games distributed via Google Play and App Store across 200+ countries.

Product overview

Elex Technology is a mobile game developer and publisher specializing in strategy games for the global market. The company operates a portfolio of flagship titles including Clash of Kings (real-time strategy war game with 100 million users), The Walking Dead: Survivors (officially licensed doomsday strategy game with 30 million downloads), Age of Warring Empire (strategy RPG), and their spinoff titles like Clash of Queens. Additional products include social/fashion games (Love Nikki, Mr. Love, Food Fantasy) and hero-based games (Magic Rush). The main business model combines self-developed games with investment and agency business, distributing to over 200 countries and regions worldwide.

Differentiator

Problem solved

Functional benefit

Products and services

• Clash of Kings A real-time strategy war game where players lead one of five epic civilizations (Huaxia, Viking, Yamato, Dragon-Born, or Crescent Moon) to rebuild kingdoms, solidify reign, and conquer lands. Has achieved 100 million users worldwide.
• The Walking Dead: Survivors A next-generation doomsday strategy game set in The Walking Dead universe where players upgrade defenses, build towns, and survive against the living and dead. Players can fight for domination or cooperate and create alliances.
• Age of Warring Empire An advanced strategy game combining role-playing elements where players unlock hundreds of heroes, grow empires, wage wars, strategize battle formations, upgrade heroes, build cities, and immerse in epic battles.
• Clash of Queens An official spinoff of Clash of Kings featuring a gorgeously illustrated fantasy world with intense PvP combat, clan events, and real-time interactions where players can be the queen.
• Age of Kings A land and air duels strategy game where players command their kingdom, grow economy, expand territories, cultivate heroes, build fleets, and wage epic aerial and naval battles for ultimate supremacy.
• Clash of Kings - The West A real-time strategy game with an updated balance mechanism where players grow empires through resource collection, kingdom expansion, army formation, and alliance building to claim the Western Throne.
• Happy Farm A social farming game released in 2009 on VK (Russia's largest social network), which became an enduring national-level game in many countries and regions as a cultural export from China.
• Love Nikki - Dress Up Queen A dress-up fashion game nominated for Best Mobile Game on Google Play in 2018.
• Magic Rush: Heroes A mobile strategy game that won Google Play Game of the Year award in 2015, featuring hero collection and auto-battle mechanics.
• Mr. Love: Queen's Choice A romantic simulation game released in 2019 featuring virtual romance storylines.
• Food Fantasy A mobile game released in 2018 that was selected as Best Innovative Game in Thailand and Indonesia.

Quantifiable outcome

• 30 million+ total downloads worldwide
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Nanchang Bookstore (Xinhua Bookstore)minorGTM or Marketing Partner · 29 June 2024Clash of Kings collaborated with Nanchang Bookstore (a division of Xinhua Bookstore) for an offline brand collaboration event with theme 'Kings in Books, Clash in Hands'. The event featured 8 game characters each recommending books, medieval-themed installations, and interactive games to promote historical culture and reading.
• DunHuang InspirationcoreStrategic or Co-development Partner · 8 July 2022Clash of Kings collaborated with DunHuang Inspiration to launch a special global cultural collaboration. The partnership introduces Dunhuang cultural treasures through the mobile game, featuring new Dunhuang map, plot, guardian characters, Fresco Restoration, Legend of Merchant Road, and Dunhuang Treasure content. The collaboration aims to spread traditional Chinese culture to players worldwide and promote Dunhuang as a cultural heritage destination.
• Shenzhen Seventh Avenue Technology Co., Ltd.minorChannel Partner/ Reseller/ Distributor · 1 January 2010Elex acquired exclusive agent rights for the game DDtank from Shenzhen Seventh Avenue Technology Co., Ltd. in 2010, expanding its game portfolio through agency business.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• King Digital Entertainment: Mobile casual giant behind Candy Crush (Activision Blizzard subsidiary) — a broad incumbent in mobile free-to-play publishing with the same storefront-distributed, in-app-purchase monetization model.
• Zynga: Large U.S. mobile social/casual publisher (now part of Take-Two) — a broad incumbent in mobile free-to-play publishing with comparable freemium monetization and global distribution scale.
• Playrix: Russian-founded mobile casual publisher behind Homescapes and Township — a peer in global mobile free-to-play publishing with comparable freemium monetization and multi-million-USD UA economics.

Direct peers

• FunPlus: Chinese-founded mobile strategy publisher specializing in overseas strategy titles (King of Avalon, State of Survival) — a direct head-to-head competitor in the same global mid-core strategy category, also publishing from Beijing-style operations.
• Machine Zone: U.S.-based mobile strategy publisher behind Game of War and Mobile Strike — an early-generation Western mobile strategy leader that pioneered the high-spend freemium model Elex followed with Clash of Kings.
• Lilith Games: Shanghai-based mobile game publisher behind Rise of Kingdoms and AFK Arena — a direct Chinese competitor in the global mobile strategy RPG category that directly contests Elex in top-grossing rankings.
• Supercell: Finnish mobile strategy powerhouse behind Clash of Clans and Clash Royale — the dominant Western mobile strategy franchise that Elex's Clash of Kings directly competes with for the same global strategy gamer audience.

Emerging players

• HoYoverse (miHoYo): Chinese mobile/PC game publisher behind Genshin Impact and Honkai — a peer in the Chinese gaming export category that competes for the same Western mobile gamer and global distribution rails, though focused on gacha RPG rather than strategy.
• Netmarble: Korean mobile game publisher behind Marvel Future Fight and Lineage 2M — an Asian-headquartered peer pursuing global mid-core mobile monetization with similar licensed-IP and proprietary-engine approaches.
• Kabam (FoxNext / Netmarble subsidiary): Western mid-core mobile publisher known for MARVEL Contest of Champions — an emerging peer in licensed-IP mobile strategy/RPG games competing for similar Western strategy/superhero gamer audiences.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/156021534465496
• LinkedInlinkedin.com/company/elex-tech

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors3 records

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

M&A

Investments6 records

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

Frequently asked questions about Elex Technology