Hero Entertainment raises RMB 1.7 billion

September 28: Shaanxi-based mobile eSports developer Hero Entertainment has raised 1.7 billion RMB Pre-IPO financing, led by a China State-owned Venture Capital Fund, and co-invested by Shaanxi Culture Industry Investment Group and Gopher Asset Management.

Founded in June 2015, the eSports developer’s primary business is development and management of eSports games and promotion of mobile eSports competitions. The company developed Crisis Action, one of the most popular first-person shooter (FPS) games in China, along with many other mobile games. 

The company’s founding investors are three of China’s largest venture capital companies, Sequoia Capital, ZhenFund and Huasheng Capital. In the year 2016, Huayi Brothers announced a 20 percent stake in Hero for US $288 Million, making it the company’s second largest shareholder.

According to its first half report for 2017, Hero has generated RMB 562 million, reflecting a 48.77 percent growth. Net profit attributable to shareholders of the parent company is about RMB 293 million, an increase of 30.35 percent.

Source: Sina

Proofread by William Logsdon