What Feiyu Technology International does

Feiyu Technology International Company Ltd. is a Hong Kong-listed (HKEX: 1022) Chinese game developer and publisher headquartered in Xiamen, Fujian Province, with the listed holding entity incorporated in the Cayman Islands in March 2014. The group's operational roots trace to January 2009 with the establishment of Xiamen Guanghuan Information Technology Co., Ltd., which began as a web game developer before transitioning into mobile and PC/Steam titles. Feiyu develops and publishes games across casual tower defense (Carrot Fantasy series), RPG (Shen Xian Dao, Jiong Xi You), action (San Guo Zhi Ren / Three Kingdoms), and indie genres (Super Phantom Cat, 英雄就是我, 初体计划), with core technical infrastructure built on the Cocos2D engine and proprietary game mechanics including the Free Combo Skill System.

The company's business model is freemium with in-app purchases for virtual items and character progression, supplemented by web game revenue, IP licensing (international publishing via Glu Mobile, plush toys via NICI, book series via China Children Publishing House), and overseas publishing through regional partners such as Kunlun for Taiwan/Hong Kong/Macau. Distribution is heavily channel-partner based: Tencent serves as the exclusive platform distributor for flagship mobile titles including San Guo Zhi Ren (launched August-October 2014) and Carrot Fantasy 3 (June 2016, distributed via WeChat and 手机QQ). The channel mix also includes 12+ Chinese Android app stores (360, Baidu, 37玩, Xiaomi Gaming, etc.), Apple App Store, Steam, and Tencent WeGame. R&D accounts for 75.3% of the 255-person workforce as of June 2014, with current firmographics indicating headcount growth to 501-1000.

Customer segments are end-consumer Chinese mobile and web gamers, with secondary B2B relationships for IP licensing to media and merchandise partners. The Carrot Fantasy franchise has reached approximately 200M combined downloads (titles 1+2) and ~240M users covered, while flagship titles have earned 40+ industry awards including Apple's Top 10 Games of the Year 2016 for Super Phantom Cat and player-voted recognition at the 金翎奖 (the "Oscar" of the Chinese game industry). Tencent became a major shareholder in May 2021 through a 172 million share subscription, deepening the strategic distribution alignment and signaling sustained platform integration. The company maintains an active investor relations infrastructure with multilingual website, prospectus, and ongoing HKEX disclosures through 2025-2026.

Name

Feiyu Technology International

Legal name

Feiyu Technology International Company Ltd.

Website

https://feiyuhk.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Feiyu Technology (HKEX: 1022) is a Chinese game developer and publisher of mobile, web, and PC titles. Flagship franchises Carrot Fantasy, San Guo Zhi Ren, and Shen Xian Dao are distributed via an exclusive Tencent partnership under a freemium monetization model.

Ownership category

akta.pro rank

Product category

Mobile Game Development

NAICS

Software Publishers (5132)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Mobile & F2P Game Studios (MPAFAAAB)

akta.pro secondary industry

Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)

Keywords

• Mobile game development
• Web game publishing
• Casual game development
• RPG game development
• Game IP licensing

Headquarters

HQ city

Xiamen

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Mobile Game Sales and In-App Purchases: Revenue generated from mobile games via free-to-play model with in-app purchases. Carrot Fantasy is a single-player casual game; RPG games (神仙道, 三国之刃, 囧西游) feature character progression and virtual item monetization.
2. Web Game (页游) Revenue: Revenue from web browser-based RPG games including 神仙道, 大话神仙, and 霸秦, operated through platform partners.
3. Licensing and IP Royalties: Licensing of self-developed IPs to third parties — e.g., Glu Mobile licensed Carrot Fantasy 2 for international markets; Carrot Fantasy book series published with China Children Publishing House; IP derivatives including animated series (囧西游 web drama with 200M+ views).
4. Overseas Publishing Revenue: Revenue from publishing games in international markets including Hong Kong, Macau, Taiwan, South Korea, and Vietnam through local partners (e.g., Kunlun for 三国之刃 in Taiwan/HK/Macau).

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Feiyu Technology International develops, publishes, and operates mobile and web games across multiple genres including casual tower defense (Carrot Fantasy series with approximately 200M combined downloads), RPG (Shen Xian Dao, Jiong Xi You), action RPG (San Guo Zhi Ren/Three Kingdoms), and indie platformers (Super Phantom Cat). The company monetizes primarily through free-to-play games with in-app purchases and virtual item sales, supplemented by IP licensing for international publishing, merchandise, books, and media adaptations.

Product overview

Feiyu Technology International is a game development company offering a portfolio of mobile and web games. The core products include tower defense games (保卫萝卜/Carrot Fantasy series), RPG games (神仙道/Shen Xian Dao, 囧西游/Jiong Xi You), action fighting games (三国之刃/San Guo Zhi Ren), and various other game titles. The company develops both single-player mobile games and multiplayer online games, with products spanning casual休闲 games, RPGs, and action games across different themes including fantasy, Journey to the West, and Three Kingdoms.

Differentiator

Problem solved

Functional benefit

Brands

• Crazyant: Independent game studio under Feiyu Technology; developed 英雄就是我 (I Am The Hero) and 推拉英雄 (Push & Pull Heroes).
• 黑火互动工作室

Products and services

• Carrot Fantasy (保卫萝卜) A casual single-player mobile tower defense game where players set up towers to protect carrots from monsters while collecting treasures and building more defenses across multiple themed worlds (jungle, desert, ocean). Targets broad casual mobile gamers in China and global markets.
• Carrot Fantasy 2: Arctic Adventure (保卫萝卜2：极地冒险) Sequel mobile tower defense game in the Carrot Fantasy franchise, expanding the gameplay to arctic adventure settings. Targeted at casual mobile gamers; achieved #1 on China iOS free chart within 6 hours of launch and maintained for 21 consecutive days.
• Carrot Fantasy 3 (保卫萝卜3) Third installment in the Carrot Fantasy tower defense franchise with social/multiplayer features including friend score PK, gift-sending, and progression sharing, distributed exclusively through Tencent's WeChat and 手Q platforms. Targeted at casual mobile gamers using Tencent's social ecosystem.
• Carrot Fantasy: Quick Play Version (保卫萝卜：迅玩版) Lightweight version of the Carrot Fantasy franchise launched on the WeChat platform for faster play sessions.
• Shen Xian Dao (神仙道) A fantasy-themed horizontal-turn RPG web game in which players choose between 武圣 (Martial Saint), 剑灵 (Sword Spirit), and 飞羽 (Flying Feather) classes to embark on adventures, battle demons and upgrade equipment. Distributed through major web gaming platforms.
• San Guo Zhi Ren (三国之刃) A horizontal mobile action RPG fighting game themed on Three Kingdoms history, featuring swords, bows, and spears combat based on the classic novel storyline with PvP battles. Distributed exclusively on the Tencent platform. Built using the Cocos2D engine.
• Jiong Xi You (囧西游) Cartoon-style RPG mobile game set in the Journey to the West universe where players choose characters and humorously retell the classic story while completing quests to upgrade skills and equipment. Targets RPG and casual gamers seeking culturally themed content.
• Ba Qin (霸秦) A fantasy-themed web game set in the Warring States period with immersive visual effects, featuring switchable classes, nine-tripod challenges, and emotional storyline. Distributed via YouXi.com and other web gaming platforms.
• Da Hua Shen Xian (大话神仙) A spinoff web RPG of the Shen Xian Dao franchise designed exclusively for Tencent's gaming platform, featuring a romantic cultivation theme and multiple character choices.
• Xiao Yu Fei Fei (小鱼飞飞) A cute single-player mobile game featuring fish characters in a rescue story, targeting female players and couples.
• Mei Ren Wu Shuang (美人无双) A strategy card mobile game with real-time operation mechanics.
• Hua Er Yu Shao Nian (花儿与少年) A casual tower defense game combining elements from the Hunan TV show 'Hua Er Yu Shao Nian' with fresh and humorous visual style. Distributed via Tencent partnership.
• Super Phantom Cat (超级幻影猫) An indie platformer mobile game originally developed by Veewo Games; Feiyu acquired majority control of Veewo in August 2016 and distributes the title on iOS, Android, and Steam. Listed in Apple's Top 10 Games of the Year 2016.
• Super Phantom Cat 2 (超级幻影猫2) Sequel to the Super Phantom Cat indie platformer franchise developed by Veewo Games.
• I Am The Hero (英雄就是我) A retro pixel-style side-scrolling 2D action fighting mobile game with classic controls and combat story. Released on Steam and mobile platforms. Received Apple's global recommendation.
• Spirit Demon Record (灵妖记) A new Shen Xian Dao franchise spinoff action RPG launched across all platforms, extending the xianxia IP.
• Ni Pang Ni Xian Chi (你胖你先吃) An iOS mobile game that received Apple App Store homepage recommendation at launch.
• Chu Ti Ji Hua (初体计划) A Steam-distributed PC game that reached #3 on the global sales chart and #1 on new releases chart within one hour of launch.
• Battery Run (电池快跑) A vertical Q-version endless runner mobile game for iOS and Android where players slide and tap to navigate through auto-scrolling mazes while avoiding monsters and collecting rewards.
• Carrot Fantasy Book Series (保卫萝卜图书系列) A book series publishing IP extension of the Carrot Fantasy franchise, published in partnership with China Children Publishing House. Includes 7 series and 47 book titles with over 1.5 million copies sold.
• Carrot Fantasy Plush Toys (保卫萝卜毛绒玩具) Official Carrot Fantasy plush toy line produced under license by NICI, sold in NICI's China stores and Tmall flagship store to extend the Carrot Fantasy IP into physical merchandise.
• Shen Xian Dao 2 (神仙道2) Sequel web RPG to the Shen Xian Dao franchise, co-published with Xindong Games (心动游戏) and also available through a 360 N4 / Xiaomi co-branded phone bundle.
• Jiong Xi You 2 (囧西游2) A strategy real-time card mobile game serving as official tie-in to the Jiong Xi You web drama series.

Quantifiable outcome

• Carrot Fantasy 1+2 achieved ~200 million downloads; Carrot Fantasy franchise covered ~240 million users.
• +4 more outcomes

Named customers7 records

Segments4 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

18 partnerships are on record, tiered core and minor.

• Tencent Games (腾讯游戏)coreChannel Partner/ Reseller/ DistributorTencent Games serves as the exclusive distribution partner for 三国之刃 (iOS and Android versions launched August-October 2014 on Tencent platform) and Carrot Fantasy 3 (distributed via WeChat and 手机QQ platforms from June 2016). Tencent is China's largest gaming platform.
• Glu Mobile Inc.minorChannel Partner/ Reseller/ DistributorGlu Mobile was granted an exclusive license by Feiyu in May 2014 to distribute and publish Carrot Fantasy 2:极地冒险 in markets outside China, Taiwan, and Hong Kong. Glu Mobile is a US-based mobile game publisher.
• Kunlun (昆仑万维)minorChannel Partner/ Reseller/ DistributorKunlun published 三国之刃 (renamed 全民快打) in Taiwan, Hong Kong, and Macau markets. The game launched in February 2015 in Taiwan through Kunlun's Qimi Entertainment platform.
• Xindong Games (心动游戏)minorChannel Partner/ Reseller/ DistributorXindong Games (心动网络) co-published the official web version of 神仙道2, which launched in open beta on September 12, 2016.
• YouXi.comminorChannel Partner/ Reseller/ DistributorYouXi.com operated and published 霸秦, Feiyu's Warring States-themed web game. The game launched in beta testing in April 2014.
• 360 Security (360安全)minorChannel Partner/ Reseller/ Distributor360 Security is listed as a business partner for game distribution on Feiyu's partner page.
• Baidu Gaming (百度游戏)minorChannel Partner/ Reseller/ DistributorBaidu Gaming is listed as a business partner for game distribution.
• 37玩 (37互娱)minorChannel Partner/ Reseller/ Distributor37玩 (37.com) is listed as a business partner for game distribution.
• Duowan Games (多玩游戏)minorChannel Partner/ Reseller/ DistributorDuowan Games is listed as a business partner for game distribution.
• 91 Assistant (91助手)minorChannel Partner/ Reseller/ Distributor91 Assistant is listed as a business partner for mobile game distribution.
• U9 (九游)minorChannel Partner/ Reseller/ DistributorU9 (九游, Alibaba's mobile gaming platform) is listed as a business partner.
• DangLe (当乐网)minorChannel Partner/ Reseller/ Distributor当乐网 is listed as a business partner for mobile game distribution.
• Wandoujia (豌豆荚)minorChannel Partner/ Reseller/ DistributorWandoujia is listed as a business partner for game distribution.
• Xiaomi Gaming (小米互娱)minorChannel Partner/ Reseller/ DistributorXiaomi Gaming is listed as a business partner. Feiyu also partnered with Xiaomi to bundle 神仙道2 on a 360 N4 co-branded phone.
• Hardcore Alliance (硬核联盟)minorChannel Partner/ Reseller/ DistributorHardcore Alliance (Android smartphone OEM alliance) is listed as a business partner for game distribution.
• 中国少年儿童出版社 (China Children Publishing House)minorStrategic or Co-development PartnerIn January 2015, Feiyu partnered with China Children Publishing House to launch the Carrot Fantasy book series — 7 series, 47 book titles, total publication exceeding 1.5 million copies. This was Feiyu's first step in pan-entertainment IP operations.
• NICIminorStrategic or Co-development PartnerIn April 2016, Feiyu partnered with NICI (global plush toy manufacturer) to launch official Carrot Fantasy plush toys, sold through NICI's China stores and Tmall flagship store. This extended the Carrot Fantasy IP into physical merchandise.
• Veewo Games (厦门微沃时刻科技有限公司)minorStrategic or Co-development PartnerIn August 2016, Feiyu acquired a 51% equity stake in Veewo Games for 17.5 million RMB. Veewo Games is the developer of 超级幻影猫 (Super Phantom Cat), which subsequently won multiple awards and was listed in Apple's Top 10 Games of the Year.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• miHoYo (HoYoverse): Chinese mobile and PC game developer behind Genshin Impact and Honkai series, pioneering the gacha F2P model in China. Comparable to Feiyu as a Chinese mobile F2P developer with global success, though at substantially larger scale and with stronger international brand recognition.
• Kingsoft (Seasun): Hong Kong-listed Chinese game developer/publisher known for the JX (剑侠情缘) web RPG franchise and the Sword of Legends mobile series. Direct comparable to Feiyu's 神仙道-style xianxia and historical web RPG portfolio with similar Chinese fantasy themes and F2P monetization.
• CMGE Technology: Hong Kong-listed Chinese mobile game developer/publisher focused on licensed IP games (e.g., One Piece, Naruto) and original titles. Comparable to Feiyu in scale, HKEX listing, and Chinese mobile F2P business model with strong distribution partnerships.
• iDreamSky Technology: Hong Kong-listed Chinese mobile game publisher that distributes international titles (e.g., Temple Run, Fruit Ninja) in China and develops original mobile games. Comparable to Feiyu as a HKEX-listed Chinese mobile game publisher with both publishing and development operations.
• 37Games (37互娱): Major Chinese mobile and web game publisher best known for the 传奇 franchise and a broad RPG/slash portfolio. Listed as one of Feiyu's distribution partners and competes directly with Feiyu for the same Chinese mobile RPG and casual audiences with comparable distribution through 37玩 platform.
• Kunlun Tech: Chinese game developer/publisher that licensed 三国之刃 from Feiyu for Taiwan/HK/Macau markets and operates its own browser-based and mobile game portfolio. Directly comparable Chinese mobile/web game publisher with overlapping distribution footprint in Greater China.

Broad incumbents

• Tencent Games: Operates China's largest mobile gaming platform and is also a major game publisher/developer (Honor of Kings, PUBG Mobile). Direct strategic overlap with Feiyu as Tencent is simultaneously Feiyu's exclusive distribution partner for multiple titles and a major shareholder since May 2021, making the relationship uniquely intertwined.
• NetEase: One of China's largest online and mobile game developers and publishers with a broad portfolio spanning RPGs (Fantasy Westward Journey), action titles, and partnerships with Blizzard. Comparable to Feiyu as a major Chinese mobile and web game publisher, though at substantially larger scale and with broader international reach.
• Perfect World Games: Major Chinese game publisher with a broad portfolio spanning MMORPGs, mobile titles, and PC games across fantasy and historical themes. Comparable to Feiyu's RPG portfolio (especially 神仙道 and 霸秦 web games) with broader IP holdings including comics and film.

Others

• TapTap (XD Interactive / Heart Beat): Chinese indie game platform and app store in which Feiyu holds a 4.54% equity stake (May 2017 investment of 50M RMB). Directly comparable ecosystem partner that supports Feiyu's indie game initiatives including Super Phantom Cat distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/feiyu-technology-international-company-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Feiyu Technology International