Highlights
- Registrations increased steadily from 2023 to 2025, even after excluding subsidiaries of existing publishers.
- More than 80K gaming-related companies were established in 2025, reflecting a clear rise in startup activity.
- Many new studios were founded by industry veterans.
More than 80K gaming-related companies were established in 2025, according to figures cited by 36Kr, marking a clear rise in startup activity as the gaming industry and its user base recorded steady growth during the year. The data points to a stabilizing market environment that has encouraged new company formation.
Registration figures from Qichacha, a business information and corporate registry data platform, show a steady climb over recent years, rising from more than 50K new gaming companies in 2024 to over 60K in 2023, before reaching the 80K mark in 2025. Even after excluding subsidiaries set up by existing publishers, a large number of independent startups remained.
The increase has been supported by experienced producers and senior developers leaving major companies such as NetEase, ByteDance, and Alibaba to start their own businesses.
Some industry practitioners have said the improved talent supply and the growing focus of large companies on a limited number of top-tier projects have created space for new entrants.
Gaming Startups Led by Industry Veterans
Guangzhou Fenglan Game, founded by Qin Yuqing, was established in January last year, has expanded to nearly 100 employees. It is developing a space-themed SLG Code: Space, with its first test planned for March 2026. The company received investment from Huayu Network, which holds a 10% stake, and is building both development and distribution teams.
Chengdu Xiaozhi Youchuang was officially established in June 2025, after Chen Shaohao left the corporate structure of Chengdu Perfect Tianzhiyou in August of the same year. The studio now has more than 300 employees and is developing a second-generation open-world action game using UE5 (Unreal Engine 5). Shareholding records show Beijing Ruyi Jingxiu holds 45%, while Chen retains 40%.
Other ventures include Shanghai Mengshang Technology, founded by former miHoYo technical and art director He Jia, which is focused on AI (artificial intelligence)-driven game technology.
Some founders, including Li Kaiming, have stated that they plan to “start a new entrepreneurial journey,” although details of their projects remain undisclosed.
As large companies concentrate resources on fewer flagship projects, the continued formation of startups suggests a broader shift toward smaller teams pursuing emerging formats and unfinished creative ideas.
