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Jagex parent Zhongji Holding officially launches in China - MCV

Jagex parent Zhongji Holding officially launches in China

Company plans to expand in games market as acquisition of RuneScape dev plans to open London office
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Zhongji Holding is now a publicly-listed games company based in China, with Jagex as a central part of its offering.

The new firm has been successfully placed on the Chinese stock market. It is part of the Shanghai Zhongji Enterprise Group, which began the acquisition of Jagex earlier this year – marking its first steps into the games industry.

Zhongji Holding has said it will “commit significant resources to its investment in the global games sector”, and is currently seeking further acquisitions.

For now, Jagex and its RuneScape series will be the core of Zhongji’s trading and operational performance. The Cambridge-based developer reported record profits in 2015, with revenues as high as $88.4m and increases expected in 2016.

Jagex will also open a new London office that will co-operate with its Cambridge HQ.

As previously reported, Rod Cousens will continue to operate as chairman and CEO, while Lisa Pan – who led the acquisition – will join the board of directors.

“The process of building up Jagex to bring about an initial acquisition and then taking it forward on a path that sees it taking centre stage in a new public gaming-focused company listed in China, can only be viewed as remarkable. It is only now that the plans are starting to take shape for all to see.” said Rod Cousens, Chairman and CEO, Jagex.

“Zhongji Holding has great ambition in the gaming space and Jagex is at the forefront of its charge. China is the biggest gaming market in the world and Zhongji Holding’s motivation in the sector will prove a compelling proposition for other gaming businesses seeking access to the region. While an integral part of Zhongji Holding’s plans, Jagex’s operations remain unchanged and its business as usual for our games, players and our employees.”

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