Chinese online game developer and operator Sunity Online Entertainment Ltd. has applied for an IPO on the Nasdaq Global Market under the symbol "SUNG," according to a recent Securities and Exchange Commission filing. The company will look to raise up to USD 10 mln from the listing.
According to its filing, Sunity saw revenue for FY2010 reach USD 9.54 mln, up 15.6% from USD 8.25 mln the previous year before, and net income increase 35% to USD 3.89 mln, up from USD 2.87 mln the previous year.
Sunity's mainland entity, Sunity (Beijing) Technology Co., Ltd., was established in February 2006, and provides interactive entertainment platforms for card and chess games, electronic sports competitions, casual games, browser games, and social networks for a variety of age groups. Currently, its best-known products include browser game Han Dynasty, casual browser game site Uxiuxi.com, and card and chess channel Qihang.
A spokesperson for Sunity's Beijing entity has revealed that the company has established a browser game R&D center in Xi'an, a 3D MMO development studio in Wuhan, and has also built up strategic relationships on technology development with Shenzhen Yijia Network Technology Co., Ltd. and Xi'an Leyou Information Technology Co., Ltd.
According to the IPO prospectus filed with the SEC by Sunity, the company currently has 14 Chinese nationals holding its stock, with CEO Zhang Fan holding 46.28% of total shares.