Search company, investor...

Feiyu Technology

feiyuhk.com

About Feiyu Technology

Feiyu Technology is a video-game developer that focuses on the development and operation of mobile games and web games. It is based in Xiamen, Fujian.

Headquarters Location

Floor 2, Block 2 No.14 Wanghai Road Ruanjian Yuan Two Siming

Xiamen, Fujian,

China

Missing: Feiyu Technology's Product Demo & Case Studies

Promote your product offering to tech buyers.

Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions.

Missing: Feiyu Technology's Product & Differentiators

Don’t let your products get skipped. Buyers use our vendor rankings to shortlist companies and drive requests for proposals (RFPs).

Expert Collections containing Feiyu Technology

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Feiyu Technology is included in 1 Expert Collection, including Gaming.

G

Gaming

5,152 items

Gaming companies are defined as those developing technologies for the PC, console, mobile, and/or AR/VR video gaming market.

Latest Feiyu Technology News

Feiyu Technology International : (1) COMPLETION OF SUBSCRIPTION OF NEW SHARES UNDER GENERAL MANDATE (2) CONTINUING CONNECTED TRANSACTIONS PURSUANT TO RULE 14A.60(1) OF THE LISTING RULES

May 7, 2021

05/07/2021 | 03:34am EDT Message : *Required fields Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Feiyu Technology International Company Ltd. 飛魚科技國際有限公司 (Stock Code: 1022) CONTINUING CONNECTED TRANSACTIONS PURSUANT TO RULE 14A.60(1) OF THE LISTING RULES COMPLETION OF SUBSCRIPTION OF NEW SHARES UNDER GENERAL MANDATE Reference is made to the Announcement in relation to, among other things, the subscription of new shares under the general mandate. Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement. The Company is pleased to announce that all conditions precedent of the Subscription have been fulfilled and completion of the Subscription took place on 6 May 2021. Immediately upon completion of the Subscription, the Subscriber has become a substantial shareholder (as defined in the Listing Rules) of the Company. CONTINUING CONNECTED TRANSACTIONS PURSUANT TO RULE 14A.60(1) OF THE LISTING RULES Prior to the completion of the Subscription, the Group and the Tencent Group had entered into various continuing transactions which will continue upon the completion of the Subscription. Following the completion of the Subscription, Tencent is indirectly interested in approximately 10.00% of the total issued share capital of the Company as at the date of this announcement. Accordingly, pursuant to Chapter 14A of the Listing Rules, Tencent and its associates are regarded as connected persons of the Company and the Agreements and the transactions contemplated thereunder constitute continuing connected transactions of the Company. - 1 - LISTING RULES IMPLICATIONS Pursuant to Rule 14A.60(1) of the Listing Rules, the Company is required to comply with the annual review and disclosure requirements under Chapter 14A of the Listing Rules, including publication of announcement and annual reporting in respect of the Agreements and the continuing connected transactions contemplated thereunder. If any of the Agreements is amended or renewed, the Company will further comply with all the applicable requirements of reporting, disclosure and independent Shareholders' approval (if applicable) under Chapter 14A of the Listing Rules. COMPLETION OF SUBSCRIPTION OF NEW SHARES UNDER GENERAL MANDATE Reference is made to the Announcement in relation to, among other things, the subscription of new shares under general mandate. Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement. The Company is pleased to announce that all conditions precedent of the Subscription have been fulfilled and completion of the Subscription took place on 6 May 2021. Pursuant to the terms and conditions of the Share Subscription Agreement, 171,882,607 Subscription Shares, representing approximately 10.00% of the issued share capital of the Company as enlarged by the allotment and issuance of the Subscription Shares, have been allotted and issued to the Subscriber (an indirectly wholly-owned subsidiary of Tencent) under the General Mandate at the Subscription Price of approximately HK$0.6941 per Subscription Share. Immediately upon completion of the Subscription, the Subscriber has become a substantial shareholder (as defined in the Listing Rules) of the Company. - 2 - EFFECTS ON SHAREHOLDING STRUCTURE OF THE COMPANY The following table sets out the shareholding structure of the Company (i) immediately prior to the completion of the Subscription; and (ii) immediately after the completion of the Subscription and as at the date of this announcement: Immediately prior to the Notes TMF (Cayman) Ltd. is the trustee of The Yao Family Trust, The Bi Family Trust, The Chen Family Trust, The Lin Family Trust and The Zhi Family Trust. The entire share capital of YAO Holdings Limited is wholly owned by Jolly Spring International Limited, as nominee of TMF (Cayman) Ltd., the trustee of The Yao Family Trust, which was established by Mr. YAO Jianjun (as the settlor) on 13 August 2014 as a discretionary trust for the benefit of Mr. YAO and his family members. Mr. YAO (as founder of The Yao Family Trust) and Jolly Spring International Limited are taken to be interested in 481,399,000 Shares held by YAO Holdings Limited pursuant to Part XV of the SFO. Mr. Yao Jianjun directly holds 8,485,500 Shares. - 3 - The entire share capital of Fishchen Holdings Limited is wholly owned by Honour Gate Limited, as nominee of TMF (Cayman) Ltd., the trustee of The Chen Family Trust, which was established by Mr. CHEN Jianyu (as the settlor) on 13 August 2014 as a discretionary trust for the benefit of Mr. CHEN and his family members. Mr. CHEN (as founder of The Chen Family Trust) and Honour Gate Limited are taken to be interested in 161,538,000 Shares held by Fishchen Holdings Limited pursuant to Part XV of the SFO. The entire share capital of BILIN Holdings Limited is wholly owned by Rayoon Limited, as nominee of TMF (Cayman) Ltd., the trustee of The Bi Family Trust, which was established by Mr. BI Lin (as the settlor) on 13 August 2014 as a discretionary trust for the benefit of Mr. BI and his family members. Mr. BI (as founder of The Bi Family Trust) and Rayoon Limited are taken to be interested in 107,470,000 Shares held by BILIN Holdings Limited pursuant to Part XV of the SFO. The entire share capital of LINCHEN Holdings Limited is wholly owned by Sheen Field Limited, as the nominee of TMF (Cayman) Ltd., the trustee of The Zhi Family Trust, which was established by Mr. LIN Zhibin on 13 August 2014 as a discretionary trust for the benefit of Mr. LIN and his family members. Mr. LIN (as founder of The Zhi Family Trust) and Sheen Field Limited are taken to be interested in 44,890,500 Shares held by LINCHEN Holdings Limited pursuant to Part XV of the SFO. The entire share capital of LINT Holdings Limited is wholly owned by Supreme Top Global Limited, as the nominee of TMF (Cayman) Ltd., the trustee of The Lin Family Trust, which was established by Mr. LIN Jiabin (as the settlor) on 13 August 2014 as a discretionary trust for the benefit of Mr. LIN and his family members. Mr. LIN (as founder of The Lin Family Trust) and Supreme Top Global Limited are taken to be interested in 43,977,000 Shares held by LINT Holdings Limited pursuant to Part XV of the SFO. Certain percentage figures included in the above table have been subject to rounding adjustments. Accordingly, figures shown as totals may not be an arithmetic aggregation of the figures preceding them. CONTINUING CONNECTED TRANSACTIONS PURSUANT TO RULE 14A.60(1) OF THE LISTING RULES Prior to the completion of the Subscription, the Group and the Tencent Group had entered into various continuing transactions which will continue upon the completion of the Subscription. Following the completion of the Subscription, Tencent is indirectly interested in approximately 10.00% of the total issued share capital of the Company as at the date of this announcement. Accordingly, pursuant to Chapter 14A of the Listing Rules, Tencent and its associates are regarded as connected persons of the Company and the Agreements and the transactions contemplated thereunder constitute continuing connected transactions of the Company. - 4 - the number of extensions(1). Xiamen Veewo grants Tencent Computer the exclusive right to distribute, operate and promote the PC and Console versions of a game in the PRC. Depending on the platform on which the game is hosted, Tencent Computer shall share with Xiamen Veewo the revenue received from the pay-to-download purchases and in-app purchase actually paid by end-users after deducting the total amount of rejected payment, refund, debt repayment and cancellation. The amount received by Xiamen Veewo shall be calculated based on a fixed formula and percentage according to the agreement. The total amount to be received by Xiamen Veewo is expected to be approximately RMB1,667,179 for the period of 3 July 2020 to 13 July 2023. - 7 - Agreement agreed by both parties. The Group has notified and will agree with the Tencent Group that the termination date of the agreement shall be the estimated maturity date of lifecycle of the relevant game, being 31 December 2030(2). Beijing Baicai shall have access to the "You Liang Hui" (優量匯) advertisement platform via a software development kit. Tencent Technology shall provide Beijing Baicai with the right to access, review and manage the operations of the advertisements through the "You Liang Hui" platform, and to serve advertisements to game users according to the promotional needs of the advertisers and the settings of Beijing Baicai. Tencent Technology shall share with Beijing Baicai the advertisement revenue based on an index of effective advertisement i.e. the number of clicks, displays and downloads which the games bring to the advertisement. The total amount to be received by Beijing Baicai is expected to be approximately RMB5,328,526 for the period from 15 May 2020 to the estimated maturity date of lifecycle of the game. - 8 - the number of extensions(1). Kailuo Tianxia grants Tencent Computer the right to distribute and operate a mobile game via Tencent mobile game platforms. Kailuo Tianxia shall provide the content of the game and technical support for running the software. Tencent Computer shall provide the game distribution platform and operating system services for the distribution and operation of the game. Tencent Computer shall share with Kailuo Tianxia the revenue i.e. Q coins (Q dots) or/and monies actually paid by users on the game platform for purchase or exchange of services through the game accounts. The total amount to be received by Kailuo Tianxia shall be calculated in accordance with the percentage agreed in the agreement by deducting the channel costs which is expected to be approximately RMB30,358 during the period of 1 September 2020 to 31 August 2021. - 9 - number of extensions(1). Note: The service fee payable by Xiamen Youli shall be calculated according to a fixed percentage of the transaction amount settled by Xiamen Youli through Tenpay's platform, as specified in Xiamen Youli's merchant account with Tenpay. The total amount to be paid by Xiamen Youli is expected to be about RMB95,450 for the period of 18 June 2020 to 17 June 2021. The Group will notify the Tencent Group that each of these agreements will not automatically renew after the current effective term and any further renewal after the expiry of the current term will be subject to compliance with all applicable requirements under Chapter 14A of the Listing Rules. In case the termination date of these agreements deviates from the estimated maturity date of lifecycle of the relevant game, the Company will comply with the all applicable requirements under Chapter 14A of the Listing Rules. To the best of the Directors' knowledge, information and belief and having made all reasonable enquiries, the transaction amount under each of the Agreements were arrived at after arm's length negotiations between the parties. These fees and payments under the relevant terms were determined based on factors including (i) historical fees paid for relevant services in the past; (ii) the costs of relevant services; (iii) the distribution coverage of the game platforms; and (iv) prices in relation to the provision of service of similar nature on the market. - 12 - REASONS FOR AND BENEFITS OF CONTINUING CONNECTED TRANSACTIONS The Tencent Group is a leading provider of Internet value added services in the PRC, and offers a wide range of high-quality technological products and services. The entry into the Tencent Cloud Service Agreement allows the Group to migrate the majority of its servers and computing infrastructure to cloud services provided by Tencent Cloud. The Company believes that the procurement of high-quality technological products and services from the Tencent Group, especially cloud services provided by Tencent Cloud, will provide the Group with the necessary technologies to further develop its business, and the Company can leverage on the wide spectrum of cloud services offered by the Tencent Group to reduce unnecessary costs in reconciling and integrating its various operating systems. The Tencent Group offers integrated business solutions for mobile developers to grow and cash in by providing innovative advertising formats and leading platform capabilities. By entering into the Tencent Advertising Developer Agreement, the Tencent Group could deliver high returns to the Company by providing sufficient quality material resources for the Company through the cooperation of a large number of advertisers, as well as strict control and selection of the best advertising resources. The Tencent Group owns one of China's leading internet animation platforms, with a number of sub-platforms such as PC websites, APP, HTML5 products and QQ Animation. Under Tencent's pan-entertainment strategy layout, the Tencent Group is committed to promoting the shaping of China's animation industry and making animation a lifestyle for contemporary youth. By entering into the Tencent Comic Cooperation Agreement, the Company could increase the exposure of its comic works "Shadow Cat (影子貓)" and generate revenue as a result of the high number of monthly active users in the Tencent Group's animation platforms. In addition, the Tencent Group owns a large amount of top-rated game products, and the Group has been dedicated to the development and operation of popular mobile and PC games. It is expected that the Tencent Group and the Group could leverage on each other's competitive advantages in game products and platforms to increase the number of game users and hence improve the popularity of mobile games developed by the Group. As a one- stop game publishing solution to game developers, we are able to leverage on the relevant Agreements (namely, Game A - Tencent Mobile Game Developer Agreement and Mobile Game Product Cooperation Agreement and Supplementary Agreements in relation to Game A - Tencent Mobile Game Developer Agreement and Mobile Game Product Cooperation Agreement; Game B - Game Product Release and Operation Agreement on WeGame Platform; Game C - Agreement of Joint Distribution; Game D - Mobile Game Exclusive Licence Agreement and Supplementary Agreement; Game E - Exclusive Licence Agreement; Game F - Co-publishing and Operation Agreement; Game G - Tencent Open Platform Developer Agreement; Game H - Tencent Open Platform Developer Agreement; Game I - Tencent Open Platform Developer Agreement; Game J - Tencent Open Platform Developer Agreement; Game K - Game Product Release and Operation Agreement on WeGame Platform; and Game L - Game Product Release and Operation Agreement on WeGame Platform) to release, distribute and/or operate the games of the Company on the Tencent Group's game platforms. - 13 - The Company also considers that, taking into account the limited choices of online payment channels in the PRC, the leading position of the Tencent Group in the PRC online payment service industry and the Company's users' profile where many of its users are existing users of the Tencent Group's online payment services, the entries into the WeChat Pay Service Agreement would enable the Group to provide its users access to payment channels of the Tencent Group and thus enhance its users' satisfactions with the Group's services. The Directors (including independent non-executive Directors) are of the view that each of the Agreements and the transactions thereunder have been entered into in the ordinary and usual course of business of the Group and are on normal commercial terms or better, which are fair and reasonable and are in the interests of the Company and the Shareholders as a whole. INFORMATION ABOUT THE GROUP The Company is an investment holding company. The Group is principally engaged in the operation development and distribution of web and mobile games in Mainland China, along with games related advertisements and licensing services. Beijing Baicai (an indirect wholly owned subsidiary of Xiamen Guanghuan which is accounted for as an indirect wholly owned subsidiary of the Company) is principally engaged in game development and operation. Kailuo Tianxia (a direct wholly owned subsidiary of Xiamen Guanghuan which is accounted for as an indirect wholly owned subsidiary of the Company) is principally engaged in game development and distribution. Xiamen Feixin (an indirect wholly owned subsidiary of the Company) is principally engaged in game development and operation. Xiamen Feiyou (an indirect wholly owned subsidiary of the Company) is principally engaged in investment holding, game development and operation. Xiamen Veewo (an indirect non-wholly owned subsidiary of the Company) is principally engaged in game development and operation. Xiamen Yidou is an indirect wholly-owned subsidiary of the Company and is principally engaged in game development and operation. Xiamen Youli (a direct wholly owned subsidiary of Xiamen Guanghuan which is accounted for as an indirect wholly owned subsidiary of the Company) is principally engaged in operation and distribution of webgames, mobile games and PC games. - 14 - INFORMATION ABOUT THE TENCENT GROUP Tencent through its subsidiaries, principally provides value-added services, online advertising services, fintech and business services to users mainly in the PRC. Tencent Computer is a consolidated affiliated entity of Tencent and is principally engaged in the business of provision of value-added services and online advertisement services in the PRC. Tencent Cloud is a consolidated affiliated entity of Tencent and provides information system integration services in the PRC. Tencent Technology is a wholly-owned subsidiary of Tencent and is principally engaged in the development of softwares and provision of information technology services in the PRC. Tenpay is a subsidiary of Tencent Computer and is principally engaged in provision of payment related services such as WeChat Pay in the PRC. LISTING RULES IMPLICATIONS Pursuant to Rule 14A.60(1) of the Listing Rules, the Company is required to comply with the annual review and disclosure requirements under Chapter 14A of the Listing Rules, including publication of announcement and annual reporting in respect of the Agreements and the continuing connected transactions contemplated thereunder. If any of the Agreements is amended or renewed, the Company will further comply with all the applicable requirements of reporting, disclosure and independent Shareholders' approval (if applicable) under Chapter 14A of the Listing Rules. DEFINITIONS 科技有限公司), an indirect wholly-owned subsidiary of the Company and a limited company established under the laws of the PRC on 11 June 2012 "Xiamen Youli" For identification purposes only Xiamen Youli Information Technology Co., Ltd. (廈門遊 力信息科技有限公司), a direct wholly owned subsidiary of Xiamen Guanghuan and a limited liability company established in the PRC on 19 September 2011 By Order of the Board Feiyu Technology International Company Ltd. YAO Jianjun Executive Director Hong Kong, 6 May 2021 As at the date of this announcement, the Board comprises Messrs. YAO Jianjun, CHEN Jianyu, BI Lin, LIN Jiabin and LIN Zhibin, as executive Directors; and Ms. LIU Qianli, and Messrs. LAI Xiaoling and MA Suen Yee Andrew, as independent non-executive Directors. - 20 -

Feiyu Technology Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Feiyu Technology Rank

Feiyu Technology Frequently Asked Questions (FAQ)

  • Where is Feiyu Technology's headquarters?

    Feiyu Technology's headquarters is located at Floor 2, Block 2 No.14 Wanghai Road Ruanjian Yuan Two Siming, Xiamen.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.