Updated Apr 30, 2026 by IGG
Financial
Published by IGG
The 2017 annual report for IGG details a period of exceptional financial expansion, characterized by record-breaking performance and a solidified global market position. The company’s primary thesis centers on the success of its flagship mobile strategy title, *Lords Mobile*, which served as the principal catalyst for growth, accounting for 72.1% of total revenue. This performance propelled annual revenue to US$607.3 million, an 89% increase over the previous year, while net profit surged 117% to US$155.1 million. Operationally, IGG maintains a debt-free, liquid financial structure, ending the year with US$221.9 million in cash and cash equivalents. The company continues to prioritize shareholder value, returning approximately US$122.2 million through dividends and share repurchases. To sustain its competitive edge, IGG employs a workforce of over 1,000 employees and utilizes structured contracts to navigate regulatory environments in Mainland China, ensuring operational continuity while monitoring potential shifts in foreign investment laws. The company’s business model remains focused on international mobile game development, with localized marketing strategies spanning more than 200 countries. Corporate governance and social responsibility remain central to the company’s strategy, with robust internal controls, audit committees, and ESG frameworks in place to ensure transparency and compliance. The company’s accounting practices, particularly regarding revenue recognition for premium gaming resources and the valuation of share-based compensation, are subject to rigorous oversight by independent auditors. Looking forward, IGG is actively preparing for the adoption of new international financial reporting standards while continuing to invest in emerging technologies and talent retention programs to support long-term, sustainable growth across its global operations.
CONTENTS CONTENTS Corporate Information 2 Corporate Information 2 Chairman's Statement 4 Chairman’s Statement 4 Management Discussion and Analysis 6 Management Discussion and Analysis 6 Biographical Details of Directors and Senior Management 15 Biographical Details of Directors and Senior Management 15 Corporate Governance Report 20 Corporate Governance Report 20 Corporate Social Responsibility Report 34 Corporate Social Responsibility Report 34 Directors' Report 66 Directors’ Report 66 Independent Auditor’s Report 99 Consolidated Statement of Profit or Loss 105 Consolidated Statement of Comprehensive Income 106 Consolidated Statement of Financial Position 107 Consolidated Statement of Changes in Equity 109 Consolidated Cash Flow Statement 111 Consolidated Cash Flow Statement 111 Notes to the Financial Statements 112 Notes to the Financial Statements 112 Financial Summary 173 Financial Summary 173 Definition 175 Definition 175
CORPORATE INFORMATION CORPORATE INFORMATION BOARD OF DIRECTORS JOINT COMPANY SECRETARIES Executive Directors Ms. Jessie Shen BOARD OF DIRECTORS JOINT COMPANY SECRETARIES Mr. Zongjian Cai (Chairman and Chief Executive Officer) Executive Directors Ms. Jessie Shen Mr. Yuan Xu Cai Institute of Chartered Secretaries) Mr. Zongjian (Chairman Chief Officer) Ms. Yin Ping Yvonne Kwong and Executive (a fellow of The Hong Kong Mr. Yuan Xu Chartered of Secretaries) Institute Mr. Hong Zhang AUTHORISED REPRESENTATIVES Ms. Jessie Shen AUTHORISED REPRESENTATIVES Mr. Feng Chen Mr. Zongjian Cai Non-executive Director Ms. Jessie Shen Non-executive Director Ms. Yin Ping Yvonne Kwong Mr. Yuan Chi REGISTERED OFFICE Independent Non-executive Directors Independent Non-executive Directors Dr. Horn Kee Leong Mr. Dajian Yu Mr. Dajian Yu Ms. Zhao Lu Ms. Zhao Lu BOARD COMMITTEES REGISTERED OFFICE P.O. Box 31119, Grand Pavilion, Hibiscus Way 802 West Bay Road, Grand Cayman 802 West Bay Road, Grand Cayman KY1-1205 Cayman Islands KY1-1205 Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN SINGAPORE Audit Dr. Committee (Chairman) Horn Kee Leong Mr. Dajian Yu Ms. Zhao Lu Nomination Committee Dr. Horn Kee Leong (Chairman) Mr. Zongjian Cai Mr. Dajian Yu Mr. Dajian Yu Ms. Zhao Lu Ms. Zhao Lu 80 Pasir Panjang Road Mapletree Business City
HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN SINGAPORE Audit Dr. Committee (Chairman) Horn Kee Leong Mr. Dajian Yu Ms. Zhao Lu Nomination Committee Dr. Horn Kee Leong (Chairman) Mr. Zongjian Cai Mr. Dajian Yu Mr. Dajian Yu Ms. Zhao Lu Ms. Zhao Lu 80 Pasir Panjang Road Mapletree Business City #18-84 Singapore 117372 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18/F, Tesbury Centre 28 Queen’s Road East 28 Queen's Road East Wanchai Wanchai Hong Kong Hong Kong Remuneration Committee Ms. Zhao Lu (Chairman) Mr. Zongjian Cai Mr. Dajian Yu Mr. Dajian Yu AUDITOR KPMG KPMG LEGAL ADVISER AS TO HONG KONG LAWS Mayer Brown JSM Mayer Brown JSM
CORPORATE INFORMATION CORPORATE INFORMATION LEGAL ADVISER AS TO PRC LAWS PRINCIPAL PLACE OF BUSINESS IN THE PRC Jingtian & Gongcheng 20 Jinjishan Road LEGAL ADVISER AS TO PRC LAWS PRINCIPAL PLACE OF BUSINESS IN THE PRC Jingtian & Gongcheng Jin'an District PRINCIPAL SHARE REGISTRAR AND 20 ’Jinjishan Road Jin an District PRINCIPAL SHARE REGISTRAR AND PRC Fuzhou, Fujian Province TRANSFER OFFICE PRC SMP Partners (Cayman) Limited PRINCIPAL BANKS Royal Bank House - 3rd Floor, PRINCIPAL BANKS 24 Shedden Road P.O. Box 1586, Citibank N.A. Singapore Branch Grand Cayman, KY1-1110 Overseas Chinese Banking Corporation Limited Cayman Islands United Overseas Bank Limited HONG KONG SHARE REGISTRAR Wells Fargo Bank, N.A. HONG KONG SHARE REGISTRAR The Hongkong and Shanghai Banking Corporation Limited Computershare Hong Kong Investor Services Limited Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre, INVESTOR RELATIONS CONSULTANTS Shops 1712-1716, 17th Floor, Hopewell Centre, INVESTOR RELATIONS CONSULTANTS 183 Queen’s Road East, Wanchai, Hong Kong Wonderful Sky Financial Group Limited Wonderful Sky Financial Group Limited COMPANY WEBSITE www.igg.com
CHAIRMAN'S STATEMENT CHAIRMAN’S STATEMENT Looking back over the past decade, as one of the first gaming companies focus on the overseas market, IGG accurately read the pulse of the fast-evolving global games market, successfully transiting from licensee to Looking back over the past decade, as one of the first gaming companies focus on the overseas market, IGG accurately read the pulse of the fast-evolving global games market, successfully transiting from licensee to developer-publisher, and shifted from PC games to browser games and then to mobile games. In the face of intense global competition in the past year, we have achieved outstanding results with persistence and diligence. We are grateful to all shareholders for your support and trust over the years, especially to those who are also our passionate gamers. We are proud that, through the concerted efforts of every colleague, our games are so popular worldwide, while the We are proud that, through the concerted efforts of every colleague, our games are so popular worldwide, while the company’s financial performance reached new heights. In 2017, the Group’s revenue surged 89% year-over-year to US610 million and net profit soared 117% year-over-year to US150 million, both record highs. IGG stands out amongst its peers and continues to win awards globally. The Group has been listed by App Annie as one of the “Top 52 Publishers” since 2015, and made a big step up in global ranking to 21st in 2017, up from 27th in 2016 and 34th in 2015.
over-year to US150 million, both record highs. IGG stands out amongst its peers and continues to win awards globally. The Group has been listed by App Annie as one of the “Top 52 Publishers” since 2015, and made a big step up in global ranking to 21st in 2017, up from 27th in 2016 and 34th in 2015. In addition, the Group was ranked 19th in the PocketGamer.biz “Top 50 Mobile Game Developers of 2017”, and 16th on the list of “BrandZᵀᴹ Top 50 Chinese Global Brand Builders 2018” by Google. This follows its award of “Fastest Growing Mobile Game Brand”. In the past year, IGG achieved remarkable breakthroughs from R&D to operations. Lords Mobile, the Group's In the past year, IGG achieved remarkable breakthroughs from R&D to operations. Lords Mobile, the Group’s marquee title, amassed nearly 100 million users and over 10 million MAU around the world through regular content updates, while revenue continues to grow robustly two years after its launch. Monthly gross billing leapt from over US30 million at the beginning of the year to more than US50 million, propelled by significant breakthroughs in major markets, including South Korea, Vietnam, Indonesia, Thailand, France, the United Kingdom, Brazil and Saudi Arabia.
IGG Inc. demonstrated a robust financial performance during the first half of 2020, characterized by a strategic pivot toward profitability and capital efficiency despite a 12% year-on-year revenue decline to US$312.3 million. This revenue contraction, largely attributed to the natural lifecycle of legacy gaming titles, was offset by a significant 88% surge in net profit to US$132.8 million. This growth was fueled by disciplined cost management across advertising and research and development, alongside substantial gains from strategic equity investments, most notably in XD Inc. The company maintained a strong liquidity position throughout the period, ending June 30, 2020, with US$339.9 million in cash and no bank borrowings. This financial stability enabled the firm to return value to shareholders through dividends and share repurchases totaling US$93.8 million. Total equity grew to US$462.7 million, bolstered by a US$54.3 million increase in the fair value of investments. These results reflect a broader corporate strategy of diversifying beyond core gaming into utility applications and complementary industry investments, while maintaining rigorous oversight of share-based incentive schemes and corporate governance structures. Operational presence within the People’s Republic of China remains managed through structured contracts, which allow for the consolidation of Fuzhou Tianmeng’s financial results. While these arrangements accounted for a minor portion of total revenue and assets, the company acknowledges the regulatory risks associated with evolving foreign investment laws. To mitigate potential disruptions, the firm maintains a contingency strategy involving alternative domestic publishing partnerships. Overall, the period was defined by successful capital allocation and a transition toward a more diversified, profit-oriented business model that prioritizes long-term shareholder value and operational resilience in the global gaming market.
IGG Inc. achieved substantial financial expansion during the first quarter of 2014, signaling a successful transition from a net loss of US$3.9 million in the prior year to a profit of US$13.6 million. Total revenue reached US$44.1 million, representing a 206.3% year-over-year increase. This growth was primarily fueled by the mobile gaming segment, which accounted for 79.3% of total revenue, largely due to the widespread success of the title Castle Clash. Despite rising operational, marketing, and research expenditures, adjusted net income climbed to US$13.8 million, a 193.6% increase compared to the first quarter of 2013. The company maintained a robust international footprint as of March 31, 2014, serving 14.5 million monthly active users across 180 countries. Strategic initiatives during this period included a partnership with Tencent for distribution within the People’s Republic of China and the expansion of research and development capabilities through new subsidiaries in Canada. These efforts underscore a commitment to scaling global operations while diversifying the company’s technical infrastructure. Corporate governance and internal management remained central to the company’s operations, characterized by a structured shareholding arrangement and the implementation of long-term incentive programs. Specifically, the company utilized Pre-IPO and post-listing share option schemes, granting 3.7 million options and 1.56 million awarded shares to employees and directors with four-year vesting schedules. While the company adheres to standard governance protocols, it maintains a combined Chairman and CEO role, which the board justifies as a necessary measure for effective strategic management. No dividends were declared for the period, as the company prioritized reinvestment and the allocation of capital toward share purchase schemes to support its ongoing growth trajectory.
The interim filing presents the fourth‑quarter 2025 financial results for a midcore‑casual gaming group, emphasizing a record‑setting revenue run and the successful execution of a transformation agenda that includes the integration of the Plarium acquisition and the rollout of a new district structure in early 2026. Revenue reached SEK 3,123 million, reflecting 108 % organic growth year‑on‑year and a 25 % increase on a constant‑currency basis, while adjusted EBITDA rose to SEK 717 million, delivering a 23 % margin that matches the full‑year figure. Unlevered free cash flow amounted to SEK 878 million, with a cash‑conversion rate of 66 % and a leverage ratio of five times EBITDA, underscoring robust liquidity and disciplined capital management. User‑acquisition spending accelerated, representing 38 % of quarterly revenue—up from 37 % in the prior quarter—and grew 76 % on a reported basis, driven by heightened investment in original studios, new casual titles, and the racing franchise. The direct‑to‑consumer channel expanded by 600 basis points to 32 % of total revenue, reflecting a strategic shift toward higher‑margin in‑app purchases. Across the fiscal year, the company posted a 9 % organic revenue increase, with word‑games, racing, and RAID franchises delivering the strongest quarter‑end performance. Operating cash flow for the quarter stood at SEK 840 million, while adjusted net income was SEK 1,390 million, translating to an adjusted EPS of SEK 11.33. The financial outcomes exceed guidance and position the firm to meet its medium‑term outlook, with a pre‑IPO study for PlaySimple concluded and the midcore transformation progressing as planned.
The communication announces a proposed business combination in which Take‑Two Interactive Software, Inc. will acquire Zynga, Inc. for an enterprise value of approximately $12.7 billion, paying $3.50 in cash and 6.36 shares of Take‑Two common stock per Zynga share, representing a 64 % premium to Zynga’s closing price on January 7, 2022. The transaction is structured as a cash‑and‑stock deal and is expected to close in the first quarter of fiscal year 2023, subject to shareholder approval and customary closing conditions. Take‑Two has secured $2.7 billion in debt financing to fund the cash portion and will retain a strong balance sheet with significant liquidity. The combined entity aims to create one of the largest interactive entertainment portfolios, blending Take‑Two’s console and PC franchises such as *Grand Theft Auto* and *Red Dead Rebellion* with Zynga’s leading mobile free‑to‑play titles, including *CSR Racing*, *Merge Dragons* and *Harry Potter: Puzzles & Spells*. Management projects net‑booking growth of 2.6 % to 2.8 % annually through FY24, with cost synergies of roughly $6.1 billion and a three‑year compound annual growth rate of 14 % for the combined net bookings. The merger is expected to diversify revenue streams, enhance cross‑platform monetization, and leverage Zynga’s mobile advertising platform and player database to accelerate user acquisition. Key financial highlights include Take‑Two’s FY21 net bookings of $2.929 billion and Zynga’s $2.270 billion, with combined FY23 net bookings projected to exceed $6 billion. Adjusted unrestricted operating cash flow is expected to rise from $1.2 billion in FY21 to $1.5 billion by FY24, reflecting the combined company’s improved cash generation capacity. The announcement also outlines governance changes: Take‑Two will expand its board to ten members, adding two Zynga directors. Overall, the combination seeks to deliver scale, diversified intellectual property, and enhanced profitability in a rapidly growing mobile gaming market.