The 2025 China Gaming Industry Report indicates that the domestic gaming market's actual sales revenue reached 350.7 billion yuan, a year-on-year increase of 7.68%. The user base grew to 683 million, up 1.35% from the previous year. Revenue from self-developed games in the domestic market amounted to 291.1 billion yuan, while overseas sales for self-developed games reached $20.46 billion, marking the sixth consecutive year exceeding 100 billion yuan. Amid global economic fluctuations and intensified competition, Chinese gaming companies have demonstrated resilience and robust performance.
While 2025 was a year of strong financial results for many gaming firms, it also witnessed significant shareholder divestments. Since the beginning of 2025, a total of 11 gaming companies have disclosed plans for shareholder share reductions. These companies include Perfect World Co.,Ltd., MNC Health, G-bits Network Technology, Dacheng Network Technology, Ultrapower Software, Baotong Technology, Ourpalm, Star Interactive Entertainment, and Fuchun Communication Technology. Among them, Shiji Huatong and Giant Network have announced plans, but the reduction periods have not yet commenced, and no shares have been sold.
Statistics show that shareholders of gaming companies collectively cashed out 1.738 billion yuan through share reductions in 2025. The top five companies by divestment value were Perfect World, Ultrapower, Dacheng Network, Star Interactive Entertainment, and Baotong Technology, with amounts of 584 million yuan, 449 million yuan, 216 million yuan, 198 million yuan, and 191 million yuan, respectively.
Three of these top five companies experienced a year-on-year decline in their 2025 performance. Ultrapower saw revenue and net profit drop by 9.79% and 43.86%, respectively. Dacheng Network reported declines of 30.08% in revenue and 800.23% in net profit. Baotong Technology's net profit decreased by 1.45%.
Dacheng Network had the highest number of individuals reducing their holdings, with five executives involved. These include Hu Jianping, one of the actual controllers, Chairman, and General Manager; Director Yu Xiaoliang; Board Secretary Zhang Jiliang; CFO Wu Xiaojun; and Director and Deputy General Manager Hu Yubiao.
The top five individuals by divestment value were Chi Yufeng of Perfect World, Li Li of Ultrapower, Bao Zhifang of Baotong Technology, Chen Yansheng of Star Interactive Entertainment, and Hu Jianping of Dacheng Network. Their respective cash-outs were 583 million yuan, 449 million yuan, 176 million yuan, 128 million yuan, and 101 million yuan. All other shareholders cashed out less than 100 million yuan each.
Detailed divestment activities for the companies are as follows:
(1) Perfect World disclosed two shareholder reduction plans, involving actual controller Chi Yufeng and independent director Sun Ziqiang. In November 2025, the company announced that Chi Yufeng intended to reduce his holdings by up to 32.98 million shares, or 1.70% of the total share capital, due to personal funding needs. In January of this year, an announcement stated that independent director Sun Ziqiang planned to sell up to 44,300 shares, or 0.0023% of the total share capital, for personal funding reasons. As of the latest data, both reductions have been completed. Chi Yufeng sold 32.98 million shares, cashing out 583 million yuan. Sun Ziqiang sold 44,300 shares, cashing out 991,400 yuan.
(2) Shiji Huatong announced in May 2026 that its largest shareholder, Wang Ji, and concert party Jiyunsheng planned to reduce holdings by up to 220 million shares, or 3% of the total share capital, primarily to repay debt. No shares have been sold to date.
(3) MNC Health disclosed two plans involving controlling shareholder and actual controller Chen Qinfa, directors and senior executives Peng Xiaoqing and Chen Dongsong, and shareholder Wu Xinling holding over 5%. In November 2025, Chen Qinfa planned to sell up to 7.9 million shares (3%); Peng Xiaoqing up to 390,000 shares (0.15%); and Chen Dongsong up to 320,000 shares (0.12%). In March 2026, Wu Xinling announced a plan to sell up to 7.9 million shares (3%). As of now, Chen Dongsong's plan is complete, with 280,000 shares sold for 6.45 million yuan. Chen Qinfa and Peng Xiaoqing have not sold any shares. Wu Xinling has not begun selling.
(4) Giant Network announced in May 2026 that its second-largest shareholder and a concert party to the controlling shareholder, Tengpeng Investment, planned to reduce holdings by up to 56.81 million shares, or 3% of the total share capital excluding repurchased shares, to repay bank loans. No sales have commenced.
(5) G-bits Network Technology disclosed two plans involving shareholder and Vice Chairman Chen Tuolin holding over 5%, and Deputy General Manager and Board Secretary Liang Lili. In August 2025, Chen Tuolin planned to sell up to 250,000 shares (0.3470%), and Liang Lili planned to sell up to 3,350 shares (0.0047%) for personal funding needs. Both plans are complete. Chen Tuolin sold 153,800 shares for 86.11 million yuan. Liang Lili sold 3,300 shares for 1.91 million yuan.
(6) Dacheng Network disclosed four plans involving Hu Jianping, Yu Xiaoliang, Zhang Jiliang, Wu Xiaojun, and Hu Yubiao. In June 2025, Hu Jianping planned to sell up to 4.89 million shares (2%). In September 2025, Yu Xiaoliang planned to sell up to 3.92 million shares (1.61%); Zhang Jiliang up to 22,500 shares (0.01%); and Wu Xiaojun up to 25,000 shares (0.01%). In December 2025, Hu Yubiao planned to sell up to 2.44 million shares (1%). In April 2026, Hu Jianping announced another plan to sell up to 4.67 million shares (1.92%). As of now, Hu Jianping's first plan is complete; the second has not begun. The plans for Yu Xiaoliang, Zhang Jiliang, Wu Xiaojun, and Hu Yubiao are complete. Hu Jianping sold 4.87 million shares for 101 million yuan. Yu Xiaoliang, Zhang Jiliang, Wu Xiaojun, and Hu Yubiao cashed out 67.34 million yuan, 440,800 yuan, 477,800 yuan, and 46.50 million yuan, respectively.
(7) Ultrapower announced in November 2024 that its largest shareholder and Vice Chairman, Li Li, planned to sell up to 39.25 million shares (2%). The plan is complete, with 39.15 million shares sold for 449 million yuan.
(8) Baotong Technology announced in July 2025 that actual controller, Director, and General Manager Bao Zhifang planned to sell up to 8.37 million shares (2%), and Director and Deputy General Manager Tang Yu planned to sell up to 1.53 million shares (0.36%) for personal funding needs. Both plans are complete. Bao Zhifang sold 8.37 million shares for 176 million yuan. Tang Yu sold 500,000 shares for 14.20 million yuan.
(9) Ourpalm announced in May 2025 that its largest shareholder, Liu Huicheng, planned to sell up to 27.20 million shares (1%). The plan is complete, with 800,000 shares sold for 4.86 million yuan.
(10) Star Interactive Entertainment announced in November 2025 that controlling shareholder and actual controller Chen Yansheng and concert party Chen Dongqiong planned to jointly sell up to 36.00 million shares (2.90% of shares excluding repurchased ones). The plan is complete. Chen Yansheng sold 24.83 million shares for 128 million yuan. Chen Dongqiong sold 11.17 million shares for 70.06 million yuan.
(11) Fuchun Communication Technology announced in February 2025 that Director and Senior Executive Lin Mei planned to sell up to 51,500 shares (0.01%). The plan is complete, with 51,500 shares sold for 315,700 yuan.
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