Jin Feng "Staying True While Pursuing Innovation" Achieves 6x Growth in 6 Years, Kaiying’s Market Cap Reaches 4.12 Billion with Joint Executive Buyback

Yangtze Business Daily News ● Yangtze Business Reporter Pan Ruidong

Game company Kaiying Network (002517.SZ) issued a control person’s share increase announcement, sparking widespread industry attention.

On the evening of March 12, Kaiying Network announced that its controlling shareholder, actual controller, and Chairman Jin Feng plans to increase his holdings within the next six months, with a total increase of no less than 150 million yuan. The company’s management also simultaneously promotes a share increase plan, with a total amount of no less than 9.5 million yuan.

In 2019, Jin Feng moved from behind the scenes to the forefront, becoming Chairman amid internal turmoil at Kaiying Network. Over the next four years, he spent over 1.4 billion yuan through centralized bidding, judicial auctions, and other methods, gradually gaining control of Kaiying Network.

From a fundamental perspective, since Jin Feng took the helm, Kaiying Network’s performance has achieved a “V” shaped reversal, with five consecutive years of growth from 2020 to 2024. In 2024, annual revenue exceeded 5.1 billion yuan, and net profit attributable to the parent exceeded 1.6 billion yuan, representing increases of 1.24 times and 6.47 times respectively compared to 2018. The stock price has also significantly risen, with the company’s market value now exceeding 40 billion yuan.

Jin Feng said he will continue to deepen his focus in the gaming industry. Whether Kaiying Network can continue to soar remains to be seen over time.

The “Countercurrent” Rise of the Actual Controller in a Crisis

In 2019, Jin Feng, just over 30 years old, became Chairman of Kaiying Network. Subsequently, he gradually gained actual control through centralized bidding, judicial auctions, and other means. Before that, Jin Feng had gained extensive experience at Shenghe Network, a rising star in the gaming industry, known for its core product “Blue Moon Legend,” which was highly regarded at the time. After Shenghe Network was acquired by Kaiying Network, Jin Feng joined the management team.

Jin Feng took office during a crisis at Kaiying Network. In March 2019, then-Chairman Wang Yue suddenly disappeared, later being criminally detained for suspected market manipulation. Wang Yue’s shares in Kaiying Network were also frozen. The company’s internal morale was low, projects stalled, and stock prices remained depressed.

After taking over Kaiying Network, Jin Feng did not blindly cut back on business or lay off staff. Instead, he decided not to cut jobs or reduce operations, keeping all projects running as usual to stabilize the company’s fundamentals. At an internal meeting, Jin Feng explained, “The biggest fear in the gaming industry is a break in continuity. If one project stops, the team disperses, and it becomes hard to pick up again.” In terms of business strategy, he insisted on “focusing on core business and deep cultivation,” abandoning scattered efforts and unprofitable non-core businesses, and concentrating resources on the flagship genre of legendary games.

Under Jin Feng’s leadership, Kaiying Network gradually emerged from the difficulties. In 2020, the company turned profitable, and its stock price gradually stabilized and rebounded.

More importantly, from 2019 to 2022, 90% of Kaiying Network’s shares were frozen, followed by judicial auctions. Jin Feng spent over 1.4 billion yuan through multiple bidding rounds, ultimately gaining control and becoming the actual controller of Kaiying Network.

Rebuilding “Trust Chain” Through Product Power

Turning losses into profits and securing control of shares was just the first step in a long journey. After entering 2023, the challenge Jin Feng faced shifted from “surviving” to “how to thrive.”

At that time, the gaming market was a red ocean, dominated by giants Tencent and NetEase, with newcomers like miHoYo rising rapidly with their anime-style games. Kaiying Network’s image still largely revolved around “Legend” and “Miracle,” seen as “romantic stories for middle-aged men.” Finding its own position in this competitive landscape and resolving legacy lawsuits and operational turbulence became a fiery mountain Jin Feng had to cross.

Jin Feng’s strategy can be summarized in four characters: “守正出奇” (maintain integrity and innovate). “守正” (maintain integrity) means safeguarding the core business. As the original chief product manager of “Blue Moon Legend,” Jin Feng knew that the IP’s vitality depended on user habits and emotional attachment. He stabilized Shenghe Network’s core R&D base and continued to refine legendary game products. In 2023, old titles like “Primitive Legend” still contributed steady revenue, ensuring basic cash flow.

“出奇” (innovate) means seeking blue oceans within the red ocean. Jin Feng keenly realized that the company couldn’t just do “Legend” games; it needed to expand into new genres and IP matrices. Under his leadership, Kaiying Network quietly launched an “IP land grab” campaign. In 2023, the company deployed multiple new products, including “The Legend of Sword and Fairy: A New Beginning” aimed at young users, and “Stone Age: Awakening” in collaboration with Tencent. These games incorporated turn-based, card, and anime elements, moving beyond simple “one-hit kills.” By 2024 and 2025, Kaiying Network’s product pipeline became richer, with well-known Japanese anime IPs like “That Time I Got Reincarnated as a Slime” and “Nobunaga’s Ambition: Tenkami” in development.

Expanding into overseas markets is also a key part of Jin Feng’s transformation strategy. He personally led teams to explore South Korea, Southeast Asia, and other regions, tailoring localizations to meet user preferences. The company’s overseas revenue share grew rapidly from 2.71% in 2023 to 7.32% in 2024, reaching 7.82% in the first half of 2025.

Meanwhile, under Jin Feng’s guidance, Kaiying Network developed its own AI game development platform, “SOON,” which can significantly shorten game development cycles, lower entry barriers, and improve productivity. The platform has entered project application stages and attracted strategic investment, with commercialization expected in 2026.

Since Jin Feng became Chairman, Kaiying Network’s performance has achieved five consecutive years of growth from 2020 to 2024, with continued growth in the first three quarters of 2025. The stock price has risen from 2.18 yuan per share in early 2020 to 21.87 yuan per share at the end of 2025, an increase of over nine times. Currently, the stock price is 19.27 yuan per share, with a market value of 41.17 billion yuan.

Whether Kaiying Network can reach new heights under Jin Feng’s leadership remains highly anticipated by the market.

Visual China Image

Editor: ZB