The soaring stock price of "Shiji Huatong" may be an isolated case, but Chinese games have been extremely successful overseas.
"Perspective" is a newly launched lightweight data graphic column by 36Kr - using data to analyze trends and pictures to present key points.
"Talk is Cheap. Show me the data."
Author: Wang Chan
Shiji Huatong, which had experienced financial fraud problems not long ago, has not only revived but also become the only game company in the A-share market with a market value exceeding 100 billion yuan. As of September 22, Shiji Huatong (ST Huatong) continued its year - long soaring stock price. The stock price has increased six - fold year - on - year, and its market value is approaching 150 billion yuan. The increase this year has reached as high as 285.41%.
Chart by 36Kr
The secret lies in a game. According to Sensor Tower statistics, the highest - grossing Chinese mobile game in the overseas market last year was "Endless Winter", which was developed and published by XD Inc., a subsidiary of Shiji Huatong.
Chart by 36Kr
Relying on the excellent performance of this game overseas, Shiji Huatong's operating income in the first half of this year was 17.207 billion yuan, a year - on - year increase of 85.5%; the net profit attributable to the parent company was 2.656 billion yuan, a year - on - year increase of 129.33%.
The magic of going global is not only fully demonstrated in this company.
Chart by 36Kr
As the domestic game market is trapped in homogeneous competition and the quagmire of buying traffic, more and more Chinese game companies are making a name for themselves overseas. In the past decade, the overseas sales revenue of Chinese self - developed games has rapidly increased from double - digit to triple - digit, and the proportion of overseas revenue in total revenue has also expanded to over 30%.
Chart by 36Kr
In August 2025, among the top 100 global mobile game publishers in terms of revenue released by Sensor Tower, there were 32 Chinese manufacturers. The total revenue of these 32 Chinese companies was 2.04 billion US dollars, accounting for 35.1% of the total revenue of the world's top 100 mobile game publishers. That is to say, Chinese companies have already occupied one - third of the seats in the world's top - tier game market.
Chart by 36Kr
Going global is an opportunity for established game giants and also for innovative game studios. Whether you are Tencent, the stock king, or Shiji Huatong, whose stock price was once halved, there is a chance to compete overseas. Compared with the highly competitive domestic market, going global means the possibility of overtaking on a curve. Variables are always hidden in changes.
Chart by 36Kr