What Feiyu Tech does

Feiyu Tech (飞鱼科技) is a China-headquartered mobile and web game developer and publisher listed on the Hong Kong Stock Exchange (HKEX: 01022.HK) under ticker 01022.HK. The company was formed in 2014 through the merger of Xiamen Guanghuan (originator of the 神仙道 RPG IP) and Beijing Kailuo Tianxia (originator of the 保卫萝卜 tower defense IP), and traces its corporate history to 2009. Feiyu operates across tower defense, RPG, action, platformer, and roguelike genres, with a portfolio including 保卫萝卜 (470M+ cumulative users across four generations), 神仙道 (100M+ registered users, RMB 700M+ cumulative recharge flow), 三国之刃, 超级幻影猫, and newer titles 一步两步 and 神仙道3. The company employs 600+ staff across 13+ studios in Xiamen (headquarters), Beijing, Chengdu, and Shenzhen.

Feiyu's business model is freemium-based across iOS, Android, HTML5, and WeChat mini-game platforms, with revenue generated from in-app purchases of virtual items, hero gacha pulls, battle passes, and in-game advertising. Mobile games contributed 84.9% of H1 2015 revenue, with RPG ARPPU of RMB 95.6 per month. Distribution is concentrated through Tencent-owned WeChat and Mobile QQ (Tencent is a major shareholder following a 2021 subscription of 172 million shares), supplemented by Apple App Store and Google Play globally and regional publishing partners such as Kunlun Wanwei for Southeast Asia. The company also generates ancillary revenue via an active IP licensing program covering merchandise (NICI, Maped), publications (China Children Publishing House, 1.5M+ copies sold), food and beverage cross-brand promotions (Pizza Hut, Yihetang, Master Kong, 7-ELEVEN), and entertainment tie-ins (囧西游 web drama on Tencent Video with 100M+ views).

Strategic priorities evident from disclosed actions include: defending and extending flagship IPs (保卫萝卜4 in pre-registration, 神仙道3 mobile launch in 2023), expanding the casual tower defense franchise via WeChat mini-games (一步两步 reaching #8 bestseller in 2025), building out new distribution channels (Huawei HarmonyOS partnership in 2023), and pursuing female-skewing user segments through the Meitu Game Center partnership (2018). The company holds a brand recognition position in China's mobile gaming market comparable to a domestic analog of global casual-IP leaders, though its monetization leans more on longevity of mid-core RPGs than on casual-game ad revenue.

Name

Feiyu Tech

Legal name

Feiyu Technology International Company Ltd.

Website

https://www.feiyu.com/

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Feiyu Tech is a publicly-listed Chinese mobile and web game developer publishing self-developed IPs including 保卫萝卜 (tower defense) and 神仙道 (RPG) to a 500M+ user base across China and Southeast Asia, primarily through Tencent's WeChat platform and global app stores.

Ownership category

akta.pro rank

Product category

Mobile Game Development

NAICS

Doll, Toy, and Game Manufacturing (339930)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

akta.pro secondary industry

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

Keywords

• Mobile game development
• Tower defense games
• Strategy RPG games
• IP licensing and merchandising
• Casual mobile gaming

Headquarters

HQ city

Shenzhen

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 (In-Game Purchases): Free-to-play with virtual item purchases. Mobile games account for 84.9% of revenue as of H1 2015. RPG titles like 三国之刃 generate revenue through hero upgrades, virtual currency, and battle passes. Casual games like 保卫萝卜 generate revenue through ad monetization and IAP for power-ups. ARPPU for RPG games: RMB 95.6 per month. RPG MPU grew 669.3% YoY in H1 2015.
2. IP Licensing and Merchandise: 保卫萝卜 IP licensed to third parties for merchandise production including toys (NICI), stationery (Maped), plush toys, books (China Children Publishing House - 150万册 sold), and cross-brand promotions (必胜客, 康师傅, 丰田, 周大福, 7-ELEVEN, 益禾堂, etc.). Revenue from IP licensing supplements game income.
3. Overseas Game Publishing: Localization and publishing of games in Southeast Asia (Taiwan, Hong Kong, Macau via 昆仑万维; Korea, Singapore, Malaysia, Thailand planned). 三国之刃 Taiwan version launched 2015 via 昆仑万维.
4. Advertising Revenue: Revenue from in-game advertising, particularly for casual/free games. 保卫萝卜1 and 保卫萝卜2's primary revenue source was advertising, as casual players have lower IAP propensity.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

Feiyu Tech develops, publishes, and operates self-owned mobile and browser games across tower defense (保卫星萝卜 series, 一步两步), strategy RPG (神仙道 series), action (三国之刃), platformer (超级幻影猫), and pixel-art fighter (英雄就是我) genres. The company monetizes these titles primarily through free-to-play with in-app purchases, supplemented by in-game advertising and IP licensing for merchandise, books, web dramas, and cross-brand collaborations.

Product overview

Feiyu Tech is a game development company with a diversified portfolio of mobile and web games. Their core products span multiple genres including tower defense (保卫萝卜 series, 一步两步), RPG (神仙道 series, 兽化三国), platform games (超级幻影猫 series), action games (三国之刃, 英雄就是我), and idle games (魂器学院). The company operates through a studio-based structure with multiple development teams across Xiamen, Beijing, Shenzhen, and Chengdu. They distribute games through major platforms including Tencent's WeChat and App Store, and have expanded their IP through licensing programs, publications, and merchandise for flagship titles like 保卫萝卜.

Differentiator

Problem solved

Functional benefit

Brands

• 飞鱼游戏 (Feiyu Games): The company's core mobile and web game product line including Baowei Luobo, Shendiandao, Yibu Liangbu, and other titles.

Quantifiable outcome

• 保卫萝卜 series achieved 470M+ cumulative users and 4.7亿 download installations across three generations
• +5 more outcomes

Named customers5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core and minor.

• Huawei (华为) - HarmonyOS Gaming EcosystemcoreStrategic or Co-development Partner · 5 August 2023Feiyu Tech joined Huawei's HarmonyOS ecosystem as a pioneering HarmonyOS gaming partner. Huawei Game Center will work with Feiyu to deliver richer full-scenario gaming experiences across Huawei devices.
• Apple (Apple App Store)coreChannel Partner/ Reseller/ DistributorApple editorial team featured multiple Feiyu games globally, including 超级幻影猫 (Apple 2016 Top 10 Games, 2000+ recommendations globally), 保卫萝卜 series, and others. Key distribution channel for global reach.
• Google PlayminorChannel Partner/ Reseller/ Distributor超级幻影猫 received Google Play 2016 Best Game recommendation. Google Play serves as global Android distribution channel.
• Kunlun Wanwei (昆仑万维)minorChannel Partner/ Reseller/ DistributorKunlun Wanwei distributed 三国之刃 (as 全民快打) in Taiwan, Hong Kong, and Macau regions. Feiyu partnered with Kunlun for overseas expansion in Southeast Asia markets.
• Meitu (美图)coreStrategic or Co-development PartnerFeiyu exclusively manages and operates Meitu's game business across Meitu Xiu Xiu, Meiyin Camera, and Meipai apps, targeting Meitu's 480M+ monthly active users, predominantly female. Feiyu operates Meitu Game Center.
• Veewo Games (Veewo Games团队)coreStrategic or Co-development PartnerFeiyu acquired 51% of Veewo Games (independent game developer of 超级幻影猫) and later acquired full control. Veewo operates as Feiyu's indie games studio based in Xiamen. 超级幻影猫 became Apple App Store 2016 Top 10 Game.
• China Children and Juvenile Publishing House (中国少年儿童出版社)minorChannel Partner/ Reseller/ DistributorPublished 保卫萝卜 book series - 47 types across 7 series, over 1.5 million copies sold. Books ranked #1 on children's book bestseller list.
• NICI (德国礼祺)minorChannel Partner/ Reseller/ DistributorGerman gift manufacturer producing 保卫萝卜 plush toys and merchandise under licensing agreement.
• 7-ELEVEN (7-11便利店)minorChannel Partner/ Reseller/ DistributorLaunched 保卫萝卜 stress-relief toys at 7-ELEVEN convenience stores in South China. Five toy designs available at RMB 19.9 add-on purchase. First major domestic convenience store IP collaboration.
• Yihetang (益禾堂)minorGTM or Marketing PartnerTea beverage chain partnered with 保卫萝卜 IP for 'Super Plant Pro' carrot product line promotion. Launched 'Defend VC' summer marketing campaign targeting young consumers. Cross-brand promotion in stores and online.
• Pizza Hut (必胜客)minorGTM or Marketing PartnerCross-brand promotional collaboration between 保卫萝卜 and Pizza Hut China.
• Haitian Airlines (海南航空)minorGTM or Marketing Partner保卫萝卜 themed promotional flights and merchandise on Hainan Airlines.
• Guangqi Toyota (广汽丰田致炫)minorGTM or Marketing PartnerCross-brand collaboration between 保卫萝卜 IP and Toyota vehicle brand.
• Tencent Video (腾讯视频)minorChannel Partner/ Reseller/ DistributorLaunched 囧西游 web drama on Tencent Video as exclusive partner. 10 episodes with over 100M total views. Season 2 also released on same platform.
• Tencent (for 保卫萝卜3 distribution)coreChannel Partner/ Reseller/ DistributorTencent exclusively distributed 保卫萝卜3 through WeChat and Mobile QQ. Tencent provided social relationship chain features and wide user reach. Long-term strategic partnership for flagship IP.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• CMGE Technology Group: CMGE is a China-listed mobile game developer/publisher of RPG and casual titles, directly competing with Feiyu in the Chinese mobile gaming market with similar IAP-driven monetization.
• Perfect World Games: Perfect World is a China-listed mobile and PC game publisher/developer (Tower of Fantasy, Perfect World MMO) competing with Feiyu in mid-core mobile RPGs and Chinese-mythology IP-based titles like 神仙道3.
• miHoYo / HoYoverse: miHoYo develops and globally publishes mobile-first RPGs (Genshin Impact, Honkai) and competes with Feiyu for top mobile game revenue in China while operating a comparable self-publishing model across iOS, Google Play, and global app storefronts.
• NetEase Games: NetEase is a leading Chinese mobile and PC game developer/publisher (Onmyoji, Marvel Rivals, Identity V) competing head-to-head with Feiyu in the China mobile RPG and casual game markets with similar self-developed IP strategy and global publishing ambition.
• 37Games / 37 Interactive Entertainment: 37Games is one of China's largest mobile and web game publishers with tower-defense and casual franchises comparable to Feiyu's portfolio, competing directly for users on Tencent and Android channels.
• iDreamSky Technology: iDreamSky is a Hong Kong-listed mobile game publisher focusing on publishing third-party mobile games in China and abroad, operating in adjacent casual/mid-core mobile segments where Feiyu also competes.
• Giant Network / 巨人网络: Giant Network is a China-listed game developer/publisher known for mobile and casual hits comparable to Feiyu's tower-defense portfolio, competing in the same China mobile distribution ecosystem.
• Kingsoft / Seasun Games: Seasun operates Kingsoft's game business developing Chinese-style PC and mobile RPGs (JX Online), competing with Feiyu's 神仙道 franchise in the mythology-RPG category.

Broad incumbents

• Tencent Games: Tencent is both Feiyu's largest shareholder/distribution partner and a direct competitor through its in-house studios (Honor of Kings, PUBG Mobile). As incumbent, it dominates the China mobile gaming market via WeChat/QQ channels Feiyu relies on.

Others

• Meitu (game publishing partner): Meitu is a strategic partner that outsources its game operations to Feiyu via Meitu Game Center; they share founder lineage but Meitu focuses on photo/beauty apps while Feiyu runs the game publishing business for Meitu's 480M MAU female user base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about Feiyu Tech