Giant Network

What Giant Network does

Giant Network (巨人网络, 002558.SZ) is an A-share listed Chinese game developer and operator headquartered in Shanghai, founded in 2011 and operating as a publicly traded entity on the Shenzhen Stock Exchange. The company self-develops and operates a multi-genre portfolio anchored by the long-running 征途 (Zhengtu/Expedition) national-warfare MMORPG franchise—operated for 20+ years across PC and mobile—alongside the casual competitive mobile hit 球球大作战 (Battle of Balls), which has reached hundreds of millions of players. The 2025 multiplayer cooperative horror title 超自然行动组 (Supernatural Action Squad) emerged as a breakout hit, surpassing 1 million peak concurrent users and 10 million daily active users within months of launch and sustaining top rankings in the App Store's free and top-grossing charts. Additional portfolio lines include 太空杀2 (a detective party game targeting young users), 名将杀 (a free-to-play card strategy title), and 月圆之夜 (a card-based adventure game). Underlying technology is a proprietary self-developed game engine and large-scale multiplayer infrastructure capable of supporting national-battle MMORPGs and high-DAU mobile operations; the company also made June 2026 minority investments in AI infrastructure (光轮智能) and large-model inference (硅基流动) to position for future development leverage.

The company's business model is free-to-play with in-game microtransactions across virtual items, cosmetics, power-ups, and premium content. Distribution is fully digital and direct-to-consumer: official portals on the ztgame.com domain, iOS App Store, Android marketplaces, and organic top-of-chart visibility. End customers are individual mass-market Chinese gamers—spanning casual mobile players to hardcore MMORPG enthusiasts—constituting a stated cumulative user base exceeding 10亿+ (1 billion+) across the portfolio. Go-to-market is product-led: the company relies on organic growth through App Store ranking performance, word-of-mouth, and community engagement on platforms including WeChat, Douyin, Bilibili, Xiaohongshu, and Weibo, with a young-talent-driven organizational culture (post-95s producers leading flagship projects) supporting a flat, creator-oriented development structure. The company is also exploring portfolio rationalization, with its Lingxi Games (灵犀互娱) unit reportedly being marketed to multiple potential buyers including Alibaba at a 7–9 billion yuan valuation.

Name

Giant Network

Legal name

上海巨人网络科技有限公司

Website

https://ga-me.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Giant Network is an A-share listed Chinese game developer and operator (002558.SZ) that self-develops and operates MMORPG and casual competitive titles, including the 20+ year 征途 franchise, Battle of Balls, and the 2025 hit Supernatural Action Squad, serving mass-market Chinese gamers through a free-to-play microtransaction model.

Ownership category

akta.pro rank

Product category

Online Gaming

NAICS

Amusement Parks and Arcades (7131)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Strategy/4X/Management Game Studios (MPAFAAAK)

akta.pro secondary industries

Gaming & Virtual World Communities (BPAMABAE), Gaming & Virtual World Social Platforms (MPACAJAG)

Keywords

• Online game development
• MMORPG games
• Mobile gaming
• Free-to-play games
• Casual competitive games

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. In-game virtual item purchases and microtransactions: Free-to-play model generating revenue through in-game purchases of virtual items, cosmetics, power-ups, and premium content within games such as 征途 series, 球球大作战, 超自然行动组, and other titles. Players download games for free but pay for enhanced gameplay experiences.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

Giant Network develops and operates self-developed online games, including long-running national-warfare MMORPG franchises (Expedition/征途 series for PC and mobile), casual competitive mobile titles (Battle of Balls/球球大作战), and newer breakout hits such as the 2025 multiplayer horror game Supernatural Action Squad (超自然行动组). The games are offered free-to-play and monetized through in-game microtransactions for virtual items, cosmetics, and premium content. The company targets over 1 billion cumulative users across its multi-genre, multi-platform portfolio.

Product overview

Giant Network (002558.SZ) is a leading A-share listed gaming company in China operating a multi-platform gaming portfolio. The product lineup consists of: (1) The flagship Expedition franchise spanning PC games (征途, 征途2, 绿色征途, 征途怀旧) and mobile games (原始征途, 王者征途, 征途2手游, 绿色征途手游); (2) Casual competitive games including 球球大作战 (Battle of Balls) with hundreds of millions of users; (3) The 2025 breakout hit 超自然行动组 (Chaoziran) - a multiplayer cooperative horror game with over 1 million concurrent users and 10 million DAU; (4) Other titles including 太空杀推理派对游戏, 名将杀 card game, and 月圆之夜 adventure game. The company targets over 1 billion users across its portfolio of national warfare MMOs and casual competitive games.

Differentiator

Problem solved

Functional benefit

Brands

• 征途系列 (Zhengtu Series): National-level MMORPG game franchise including original Zhengtu, Zhengtu 2, Green Zhengtu, and Zhengtu Nostalgia for both PC and mobile.
• 球球大作战 (Battle of Balls)
• 超自然行动组 (Supernatural Action Squad)
• 太空杀2 (Space Party 2)
• 名将杀 (Famous General Kill)
• 月圆之夜 (Night of the Full Moon)

Products and services

• 超自然行动组 (Supernatural Action Squad / Chaoziran) A multiplayer cooperative horror game positioned as 'the most joyful multiplayer team horror game,' featuring online concurrent users exceeding 1 million and daily active users exceeding 10 million. Targeted at young gamers with a post-95s generation lead producer.
• 征途 (Expedition) PC series The flagship national-warfare MMORPG franchise for PC, including the original Expedition (征途), Expedition 2 (征途2), Green Expedition (绿色征途), and Nostalgic Expedition (征途怀旧). Long-running self-developed IP franchise with 20+ years of operation.
• 征途系列手游 (Expedition Mobile series) Mobile game variants of the Expedition franchise including Original Expedition (原始征途), King's Expedition (王者征途), Expedition 2 Mobile (征途2手游), and Green Expedition Mobile (绿色征途手游), offering national warfare and idle expedition gameplay.
• 球球大作战 (Battle of Balls) The most popular casual competitive mobile game in the company's portfolio with hundreds of millions of players, offering quick competitive gameplay.
• 太空杀 (Space Party) A reasoning party game targeted at 200 million young users, featuring detective gameplay mechanics.
• 名将杀 (Famous Generals) A card game featuring fair, free-to-play gameplay with all generals available, positioned as a non-pay-to-win (不氪金) strategy title.
• 月圆之夜 (Night of the Full Moon) A fairy tale book for free exploration, a card-based adventure game.

Quantifiable outcome

• 10亿+ total user coverage across all game products
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

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 strategic.

• Alibaba Group (approached as potential acquirer)minorStrategic or Co-development Partner · 24 June 2026Alibaba Group approached Giant Network as one of at least five potential buyers for its gaming unit Lingxi Games (灵犀娱乐), being marketed at a valuation of 7-9 billion yuan ($1.03-1.33 billion). No deal confirmed; Giant Network was one of multiple parties approached including 37 Interactive Entertainment, China Ruyi, Century Huatong, and two private equity firms.
• 光轮智能 (Guanglun Intelligence)strategicStrategic or Co-development Partner · 23 June 2026Giant Network invested in 光轮智能 (Guanglun Intelligence), expanding its AI infrastructure layout. This investment extends Giant Network's strategic positioning in AI technology to support future game development and operational capabilities.
• 硅基流动 (Silicon Flow)strategicStrategic or Co-development Partner · 23 June 2026Giant Network participated as an investor in 硅基流动 (Silicon Flow), extending its AI presence into large model inference infrastructure. This investment complements the company's broader AI strategy alongside the 光轮智能 investment.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Tencent Holdings: Largest Chinese gaming incumbent via WeGame, Tencent Games, and stakes in Riot, Supercell, Epic, and others. Operates a broader portfolio across every gaming category and serves as the structural benchmark for competitive pressure on MMORPG and competitive mobile categories.

Direct peers

• miHoYo (HoYoverse): Chinese game studio behind Genshin Impact, Honkai, and Zenless Zone Zero — exemplifies the hit-driven, mobile-first model that Giant Network is now emulating with Supernatural Action Squad. Closely comparable in user-cohort targeting and product-led growth motion.
• Perfect World: A-share-listed Chinese game developer with strong MMORPG and competitive mobile portfolio (Perfect World, New Swordsman). Directly comparable in genre mix, target segment, and capital-markets positioning.
• 37 Interactive Entertainment: A-share-listed Chinese mobile game publisher with strong slot/competitive categories. Cited in the Lingxi Games bid process as one of the parties approached, indicating direct comparability in scale and capital deployment patterns.
• Kingsoft (Seasun): Hong Kong-listed Chinese game developer behind JX Online (Swordsman) and other long-running MMORPGs. Direct peer in classic PC MMORPG genre and a natural competitor for the same core Chinese gamer demographic.
• NetEase: Major Chinese gaming company and A-share/HK-listed developer of MMORPGs (Fantasy Westward Journey, Justice Online) and competitive mobile titles. Comparable in scale, free-to-play microtransaction model, and reliance on large-DAU flagship titles.
• Shanda Games (Shengqu Games): Historic Chinese MMORPG competitor founded by a former Shi Yuzhu affiliate; directly competes in national-warfare/long-running MMO segments with both PC and mobile offerings. Closely comparable to Giant Network's Zhengtu franchise core.
• Changyou (CYOU): Chinese MMO developer known for Tian Long Ba Bu and legacy national-warfare franchises under Sohu. Highly comparable in long-running national-warfare MMO operations and PC-mobile cross-platform model.

Regional players

• NCSoft: Korean MMORPG developer behind Lineage and Aion — global benchmark for operating long-lived MMO franchises with sustained cash generation. Comparable business model and PC-client MMO expertise from a regional perspective.
• Nexon: Japan/Korea-listed global online game publisher with franchises including MapleStory and Dungeon Fighter Online. Comparable in long-running MMORPG lifecycle management and free-to-play monetization at global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xweibo.com/巨人网络

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A2 records

Investments18 records

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

Frequently asked questions about Giant Network