Announcement • Jul 17
Tanwan Inc. Launches Open Beta Testing For Space Hunter: Awakening Mobile Game Tanwan Inc. had published and operated a brand-new side-scrolling fighting mobile game based on the premium IP “Space Hunter", named Space Hunter: Awakening, and the open beta testing across all platforms for the New Game has been officially launched. Space Hunter, the first game under the IP “Space Hunter”, is China’s original classic phenomenal side-scrolling fighting mobile game. Since its official launch in 2013, it achieved the hightest monthly gross billings of over RMB 200 million and global cumulative gross billings of over RMB 6,000 million, and has accumulated more than 250,000,000 registered users. It has built deep brand recognition and emotional resonance among a broad player base, making it one of the most representative products in China’s side-scrolling fighting mobile game sector. “Space Hunter” was developed by Guangzhou Yinhan Technology Co. Ltd. (“Yinhan Technology”), one of the earliest Chinese developers to specialize in side-scrolling fighting mobile games. As a brand-new side-scrolling fighting mobile game that carries forward the core essence of the original IP, Space Hunter: Awakening fully inherits the original game’s core gameplay system and combat mechanics, while undergoing comprehensive iterative upgrades across multiple dimensions, including engine technology architecture upgrades, refined art quality, optimized control responsiveness, and systematic operational philosophy. The development and release of the new game reflect the Group’s strategic assessment of the long-term value of the side-scrolling fighting genre. The iteration and revitalization of premium IPs relies not only on robust underlying technological capabilities but also on precise insight into and effective response to the demands of core users. The launch of the New Game represents the Group’s further deployment in the side-scrolling fighting track built upon its “AI + Game” capability system. The Group has long been deeply engaged in the field of high-quality game publishing and operations, consistently prioritized user experience as a core guiding principle, and continuously advanced the development of premium IPs and the construction of a diversified product matrix. Leveraging its systematic “AI + Game” capabilities, the Group has built a full-chain business capabilities covering user insights, content optimization, user acquisition and refined operations. These capabilities will provide sustained impetus for subsequent version iterations, content updates and long-term operations of the New Game, helping the product achieve a long-term and stable lifecycle performance. In terms of IP operations, the Group will continue to adhere to the core strategy focusing on classic IP development and diversified product matrix. Centered on premium IPs including “Legend”, “MU”, “Yulgang”, “Soul Land”, “Jin Yong Martial Arts” and “Space Hunter”, the Group has built a systematic publishing and operation system, continuously transforming core copyright resources into iterable and reusable content assets. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$15.08, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Entertainment industry in Hong Kong. Total returns to shareholders of 39% over the past year. Recent Insider Transactions • May 17
Key Founder recently bought HK$2.1m worth of stock On the 14th of May, Xubo Wu bought around 144k shares on-market at roughly HK$14.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xubo has been a buyer over the last 12 months, purchasing a net total of HK$3.6m worth in shares. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 84% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Yi Zheng was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥2.83 (vs CN¥0.007 loss in FY 2024) Full year 2025 results: EPS: CN¥2.83 (up from CN¥0.007 loss in FY 2024). Revenue: CN¥4.16b (down 26% from FY 2024). Net income: CN¥1.49b (up CN¥1.49b from FY 2024). Profit margin: 36% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Announcement • Mar 28
Tanwan Inc., Annual General Meeting, Jun 17, 2026 Tanwan Inc., Annual General Meeting, Jun 17, 2026. Announcement • Mar 10
Tanwan Inc. to Report Fiscal Year 2025 Results on Mar 27, 2026 Tanwan Inc. announced that they will report fiscal year 2025 results on Mar 27, 2026 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$17.28, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 14x in the Entertainment industry in Hong Kong. Total returns to shareholders of 122% over the past year. Recent Insider Transactions • Feb 06
Key Founder recently bought HK$892k worth of stock On the 3rd of February, Xubo Wu bought around 52k shares on-market at roughly HK$17.28 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xubo has been a buyer over the last 12 months, purchasing a net total of HK$97m worth in shares. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$18.33, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 14x in the Entertainment industry in Hong Kong. Total returns to shareholders of 166% over the past year. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$16.10, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 16x in the Entertainment industry in Hong Kong. Total returns to shareholders of 97% over the past year. Recent Insider Transactions • Nov 10
Key Founder recently bought HK$3.1m worth of stock On the 4th of November, Xubo Wu bought around 200k shares on-market at roughly HK$15.48 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$14m. Xubo has been a buyer over the last 12 months, purchasing a net total of HK$96m worth in shares. Reported Earnings • Oct 02
First half 2025 earnings released: EPS: CN¥1.14 (vs CN¥0.74 loss in 1H 2024) First half 2025 results: EPS: CN¥1.14 (up from CN¥0.74 loss in 1H 2024). Revenue: CN¥2.00b (down 38% from 1H 2024). Net income: CN¥602.0m (up CN¥984.9m from 1H 2024). Profit margin: 30% (up from net loss in 1H 2024). The move to profitability was driven by lower expenses. Reported Earnings • Sep 01
First half 2025 earnings released: EPS: CN¥1.14 (vs CN¥0.74 loss in 1H 2024) First half 2025 results: EPS: CN¥1.14 (up from CN¥0.74 loss in 1H 2024). Revenue: CN¥2.00b (down 38% from 1H 2024). Net income: CN¥602.0m (up CN¥984.9m from 1H 2024). Profit margin: 30% (up from net loss in 1H 2024). The move to profitability was driven by lower expenses. Announcement • Aug 18
Tanwan Inc. to Report First Half, 2025 Results on Aug 28, 2025 Tanwan Inc. announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jul 02
ZX Inc. Appoints Tong He Tony as Chief Future Officer, with Effect from July 2, 2025 The board of directors of ZX Inc. announced that Mr. Tong He Tony ("Mr. Tong") has been appointed as the chief future officer of the Company with effect from July 2, 2025. Mr. Tong is responsible for the business planning, strategic investment, as well as capital markets related matters, of Group. Mr. Tong has over eleven years' experience in corporate finance and capital markets. Prior to joining the Company, Mr. Tong had served as an executive director and Hong Kong signing principle of the TMT sector investment banking team of China International Capital Corporation Limited. He had also previous worked at various international financial institutions including Macquarie Capital. Mr. Tong obtained his double bachelor degrees in arts and economics from Tsinghua University and a master degree in accounting from the School of Economics and Management of Tsinghua University. New Risk • Jun 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 01
Full year 2024 earnings released Full year 2024 results: Revenue: CN¥5.58b (down 14% from FY 2023). Net loss: CN¥3.62m (down 101% from profit in FY 2023). Announcement • Apr 01
ZX Inc., Annual General Meeting, Jun 19, 2025 ZX Inc., Annual General Meeting, Jun 19, 2025. Announcement • Mar 21
ZX Inc. Provides Unaudited Consolidated Earnings Guidance for the Year Ended December 31, 2024 ZX Inc. provided unaudited consolidated earnings guidance for the year ended December 31, 2024. For the period, the Group is expected to record net profit within the range of approximately RMB 10.0 million to RMB 50.0 million for the Reporting Period (for the year ended December 31, 2023: net profit RMB 273.3 million). The Group recorded net loss of RMB 385.0 million for the six months ended June 30, 2024. The expected change compared to the year of 2023 is primarily attributable to the following factors: (i) a decrease in revenue generated from the game products marketed and operated under the joint-run model as certain existing game products entered into a later stage of their lifecycle; (ii) new games launched for the layout of the new game category tracks being in the early stages of their payback period, which had not yet fully realized revenue contribution potential; (iii) a decrease in fair value gains on financial assets at fair value through profit or loss in relation to shares of other listed company held by the Group; (iv) an increase in the asset impairment losses primarily due to the Group's provision for The PRC Operating Entities refer to the entities controlled by the Group through the Contractual Arrangements, the details of which are set out in the Company's prospectus dated September 18, 2023 (Prospectus). impairment of prepayment, fixed assets and goodwill for which impairment indicators were identified; and (v) a decrease in revenue generated from consumer product business and other non-game business, mainly due to the Group's strategical focus on its core business of marketing and operating game products. The Company is still in the process of finalizing the results of the Group for the Reporting Period. The information contained in this announcement is only based on management's preliminary assessment of the unaudited consolidated management accounts of the Group and the information currently available, which are subject to finalization and other potential adjustments, if any, and have not been reviewed or audited by the Company's auditor nor have they been reviewed by the audit committee of the Company. Therefore, the actual annual results of the Group for the Reporting Period may differ from the information contained in this announcement. Announcement • Mar 20
ZX Inc. to Report Fiscal Year 2024 Results on Mar 31, 2025 ZX Inc. announced that they will report fiscal year 2024 results on Mar 31, 2025 Reported Earnings • Sep 30
First half 2024 earnings released: CN¥0.74 loss per share (vs CN¥0.55 profit in 1H 2023) First half 2024 results: CN¥0.74 loss per share (down from CN¥0.55 profit in 1H 2023). Revenue: CN¥3.23b (down 5.1% from 1H 2023). Net loss: CN¥382.9m (down 239% from profit in 1H 2023). New Risk • Sep 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (14% average weekly change). Announcement • Aug 30
ZX Inc. Announces Chief Executive Officer Changes ZX Inc. has approved a separation of the roles of the chief executive officer and the chairman, with Ms. LIANG Wenhong ("Ms. LIANG") being appointed as the Chief Executive Officer ("CEO") of the Company to succeed Mr. WU
Xubo ("Mr. WU") with effect from August 30, 2024. Upon such change, Mr. WU will remain as an executive Director, the chairman of the Board, the chairman of the nomination committee and a member of the remuneration committee of the Company. Ms. LIANG, aged 36, has more than 11 years of experience in the internet technology industry. From December 2022 to the date immediate before her appointment as the CEO, she served as the vice president of the Group, responsible for the multi-category product development and the overseas game distribution business. From May 2019 to November 2022, she served as the general manager of Hainan Tan Wan Information Technology Co. Ltd., one of the PRC Operating Entities of the Group, responsible for the game distribution business. From October 2015 to April 2019, she was the marketing director of Jiangxi Tan Wan Information Technology Co. Ltd., one of the PRC Operating Entities of the Group, responsible for the mobile game advertising business. Ms. LIANG obtained a bachelor's degree in tourism management from Jinan University in July 2012. The Impact of Change of CEO: The change of CEO injects new impetus into the development of the Company. With over 11 years of practical experience, Ms. LIANG has a keen perception and adaptability to market changes, and is deeply involved in the game industry. Ms. LIANG served in the Group for over nine years and had unique insights into the Company's business and development, which could drive the Company's innovation, transformation, and sustainable development. The change of CEO will not have any adverse impact on the Company's business development and team stability. Mr. WU Xubo will continue to participate in the operation and development of the Company, and Ms. LIANG Wenhong will lead all members of the Company to jointly build a better future. The Company will also steadily advance in its strategic layout and continue to deeply cultivate the development of the game industry. Committed to the development and operation of games, the Company will gradually transition from a game developer to the integration of game research and operation. In terms of business, the Company will continue to expand overseas business, develop diversified game categories, and create an industrial layout of "AI + Game". Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$8.16, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 10x in the Entertainment industry in Hong Kong. Announcement • Aug 20
ZX Inc. to Report First Half, 2024 Results on Aug 30, 2024 ZX Inc. announced that they will report first half, 2024 results on Aug 30, 2024 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$10.76, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 10x in the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$12.48, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 11x in the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$20.00, the stock trades at a trailing P/E ratio of 40.8x. Average trailing P/E is 11x in the Entertainment industry in Hong Kong. Announcement • Jun 06
ZX Inc. Announces Latest Performance Update of the Game Product Beast Lord: the New Land ZX Inc. announced that Beast Lord: The New Land (the New Game) has completed more than a month of deletion testing. After continuous adjustments and iterations, it officially launched the public beta testing on all platforms in the Chinese Mainland on June 5, 2024. Beast Lord: The New Land is a simulation game (SLG) on online mobile with the potential to become a blockbuster launched by the Group in 2024. It is also the first online mobile exploration SLG featured with real animals themes in the Chinese Mainland. Its Tan Wan brand has obtained the exclusive authorization to promote and operate the New Game. The New Game has received wide popularity among players, evidenced by its top rank on the list of iOS Top Free Games on the public beta testing day. In the game, players will take on the role of the lion lord, leading the beasts to find and build new territories, compete for resources and status, and win strategically to become the king of beasts. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$27.45, the stock trades at a trailing P/E ratio of 55.8x. Average trailing P/E is 12x in the Entertainment industry in Hong Kong. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥0.47 (vs CN¥9.65 in FY 2022) Full year 2023 results: EPS: CN¥0.47 (down from CN¥9.65 in FY 2022). Revenue: CN¥6.51b (down 26% from FY 2022). Net income: CN¥235.5m (down 54% from FY 2022). Profit margin: 3.6% (down from 5.8% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$21.85, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 11x in the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to HK$23.55, the stock trades at a trailing P/E ratio of 47.8x. Average trailing P/E is 11x in the Entertainment industry in Hong Kong. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: CN¥0.47 (vs CN¥9.65 in FY 2022) Full year 2023 results: EPS: CN¥0.47 (down from CN¥9.65 in FY 2022). Revenue: CN¥6.51b (down 26% from FY 2022). Net income: CN¥235.5m (down 54% from FY 2022). Profit margin: 3.6% (down from 5.8% in FY 2022). Announcement • Mar 29
ZX Inc., Annual General Meeting, Jun 21, 2024 ZX Inc., Annual General Meeting, Jun 21, 2024. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to HK$25.10, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 22x in the Entertainment industry in Hong Kong. Announcement • Mar 14
ZX Inc. to Report Fiscal Year 2023 Results on Mar 28, 2024 ZX Inc. announced that they will report fiscal year 2023 results on Mar 28, 2024 Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 75% After last week's 75% share price decline to HK$16.66, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 20x in the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$55.55, the stock trades at a trailing P/E ratio of 58.5x. Average trailing P/E is 10x in the Software industry in Hong Kong. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$41.90, the stock trades at a trailing P/E ratio of 43.9x. Average trailing P/E is 12x in the Software industry in Hong Kong. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$33.90, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 13x in the Software industry in Hong Kong. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$13.48, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 12x in the Software industry in Hong Kong. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$11.30, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 15x in the Entertainment industry in Hong Kong. Reported Earnings • Sep 30
First half 2023 earnings released First half 2023 results: EPS: CN¥0.55. Net income: CN¥275.7m (up CN¥275.7m from 1H 2022). Announcement • Sep 28
ZX Inc. has completed an IPO in the amount of HKD 265.664 million. ZX Inc. has completed an IPO in the amount of HKD 265.664 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,180,200
Price\Range: HKD 14
Discount Per Security: HKD 1.302
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,307,800
Price\Range: HKD 14
Discount Per Security: HKD 1.302
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,488,000
Price\Range: HKD 14
Discount Per Security: HKD 1.302
Transaction Features: Regulation S Board Change • Sep 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Key Founder, CEO & Executive Chairman Xubo Wu is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.