--- title: "Youxing holds 38.98% of shares, becoming the largest shareholder of Manjiu Network. Are the ACG (Anime, Comic, and Games) companies that originated from fan clubs starting to unite?" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/271513898.md" description: "Youxing Network has become the major shareholder of Manjiao Network with a 38.98% stake, marking the first external equity investment in Manjiao Network since Bilibili's investment from 2016 to 2019. There is also mutual investment between Youxing and HYPERGRYPH, indicating that companies in the ACG (Anime, Comic, and Game) industry are forming close ties through investments and shareholding. Manjiao Network was established in 2015 and is known for works such as \"Azur Lane,\" having achieved significant success in the Japanese market" datetime: "2026-01-05T12:30:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/271513898.md) - [en](https://longbridge.com/en/news/271513898.md) - [zh-HK](https://longbridge.com/zh-HK/news/271513898.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/271513898.md) | [English](https://longbridge.com/en/news/271513898.md) # Youxing holds 38.98% of shares, becoming the largest shareholder of Manjiu Network. Are the ACG (Anime, Comic, and Games) companies that originated from fan clubs starting to unite? Recently, Youxing Network became the major shareholder of Manjiu Network with a subscribed capital contribution of 99,281 yuan and a shareholding ratio of 38.98%. This is also the second time Manjiu Network has accepted external equity investment since its investment in Bilibili from 2016 to 2019. What is even more noteworthy is that during our investigation, we also found that Youxing Network and HYPERGRYPH have mutual investment holdings. From this perspective, Manjiu Network, Youxing Network, and HYPERGRYPH seem to be joining forces through investment and shareholding, forming a united front among the ACG (Anime, Comic, and Games) companies. (Source: Aiqicha) 01 To elaborate, there is a deep connection behind the "alliance" of Manjiu, Youxing, and HYPERGRYPH. Readers who have been in the ACG circle for a while may be aware that several companies in the Shanghai ACG circle originated from fan clubs. The founders of Manjiu, Youxing, and HYPERGRYPH, such as Manjiu's two founders Chen He and Lin Shuyin; HYPERGRYPH's Zhong Qixiang; and Youxing's Yao Meng, are all early figures from the doujin (fan-made) community. Their backgrounds from fan clubs and their deep-rooted ACG genes have allowed their products to retain a genuine love for ACG art and characters. Manjiu Network was established in January 2015, and its representative work is the strategy game "Azur Lane," known for its exquisite character art, as well as the highly anticipated action pet-catching game "Blue Star Origin: Travel Ballad." In 2016, Manjiu Network collaborated with Yongshi Network to develop "Azur Lane," with Yongshi responsible for programming and Manjiu handling operations and art. In mid-2017, "Azur Lane" made its global market debut, ranking in the top 5 of the Japan App Store's best-selling list in its first month. Within three months, it maintained a position around the top 10 in both the Japan App Store and Google Play, even reaching the top 2 and 3 at times, rivaling the popularity of Japan's national game "Monster Strike." In October of the same year, it was estimated that "Azur Lane" had monthly revenue exceeding 200 million yuan, ranking 16th on Sensor Tower's mobile game revenue list for October, just behind "Clash of Kings." (Source: Sensor Tower) To this day, "Azur Lane" has been operating for 8 years and has won numerous awards, such as being one of the first domestic mobile game IPs to launch on PS4 in 2018; winning the Google Play Most Innovative Game Award in 2020; receiving the China Game Top Ten Award - Most Popular Game Overseas in 2021; and winning the GTA - Best Long-term Operation Game Award in 2022 According to data from Sensor Tower, this game will continue to make a fortune quietly in 2025, with a revenue of 90.78 million RMB from the domestic iOS channel alone, while the overseas market is also operating steadily. It can be said that with this game, ManJiu Network has become one of the dark horse representatives among ACG (Anime, Comic, and Game) companies, and has even been referred to as the "company behind Azur Lane." "Blue Star Origin: Travel Ballad" is the second heavyweight product that ManJiu Network has high hopes for, aiming to break the "Azur Lane company" label. In March 2024, "Blue Star Origin: Travel Ballad" was first revealed, and as of now, its first gameplay demonstration video released on Bilibili has garnered over 10 million views, along with more than 7 million global player pre-registrations. As an original IP product, "Blue Star Origin: Travel Ballad" inherits ManJiu's consistent style, combining the ACG beautiful girl style with the popular pet-catching gameplay from "Palworld," which is a major reason for the game's high expectations. Not long ago (on December 15), "Blue Star Origin: Travel Ballad" began simultaneous promotional activities in multiple locations worldwide, with the Korean market being published by the Korean company NEXON; the China, Hong Kong, Macau, and Taiwan markets being represented by NIJIGEN; and in the Japanese market, it will be jointly published by ManJiu and Yousheng, indicating that ManJiu will be more deeply involved in game operations beyond just game development. Interestingly, if you only look at the global market popularity of "Azur Lane" and "Blue Star Origin: Travel Ballad," you might think ManJiu is a "large" company. However, according to Aiqicha data, ManJiu Network currently has fewer than 300 employees, still classified as a small to medium-sized team, yet it can create works with lasting influence on a global scale. Behind this, the spirit of "precision" that ManJiu Network has achieved in a specific field and the resource support from publishers like Yousheng are indispensable. 02 Yousheng Network was established in 2014, initially starting with independent game development and software outsourcing. In 2017, Yousheng clearly identified ACG games as its core track and focused on publishing and IP management in overseas markets such as Japan, South Korea, Europe, and the United States. The catalyst for this transformation was "Azur Lane." In that year (2017), Yousheng became the Japanese publishing agent for "Azur Lane," and the game's impressive performance after its launch propelled Yousheng to become a dark horse in the ACG industry. From 2017 to 2019, "Azur Lane" was the core source of income for Yousheng, with third-party platform statistics showing that its total revenue over three years exceeded 1 billion RMB. From 2018 to 2024, Yousheng successively published "Azur Lane" (international version), "Mahjong Soul" (Japanese version, international version), "Arknights" (Japanese/Korean version, international version), "Blue Archive" (Japanese version), "Dusk Diver" (Japanese version, international version), "Blue Archive" (Chinese version), "Heaven Burns Red" (English version), etc. From the results, almost every game's revenue in the first month after launch exceeded 10 million USD. As of the first half of 2023, Yousheng's total revenue has reached 156 million USD The frequency and production capacity of "releasing a hit product almost every 1-2 years" have not only propelled Yostar's revenue to soar but also made Yostar a hot star in the ACG (Anime, Comic, and Game) publishing industry. Why can they succeed with every release? The core reason behind this is Yostar's "ACG gene." Like the two founders of Manjuu, Yostar's CEO, Yao Meng, is also a well-known figure in the ACG fan community. In 2007, he founded the doujin circle StudioGM, which once collaborated with Yumi Group (another doujin circle) to launch a PC game called "Baker Girl," where Yao Meng was responsible for operations (Note: This game was released in 2013 and a remastered version is set to launch in 2024, reaching the top 10 in global sales on Steam). The founding members of Yumi Group include Yao Meng, Zhong Qixiang, Huang Chong, Jiao Fuyao, Bai Shulin, and Re Yundong. Among them, Zhong Qixiang is one of the founding members of HYPERGRYPH, and Huang Chong founded Sanbao, with Yao Meng participating in both; additionally, Jiao Fuyao, Bai Shulin, and Re Yundong also established Xingxian Network and received investment from HYPERGRYPH (which has since gone bankrupt). Another reason is Yostar's in-depth localization strategy for the Japanese market. To enhance its distribution in Japan, Yostar established a wholly-owned subsidiary, Yostar, in Japan, reportedly with a 1:1 ratio of Chinese to Japanese employees. With half of the company being Japanese, Yostar integrated some distribution strategies from Chinese companies, such as increasing investment scale and coordinating game, animation, and doujin promotions, which led to a small boom in the ACG market in Japan, further extending this influence to the Korean and Western markets. If acting as the agent for "Azur Lane" was Yostar's best decision, then HYPERGRYPH was the second. As mentioned earlier, Yostar initially started with self-developed projects, but the results of their self-development did not progress as expected. By 2016, Yostar faced financial difficulties, and Yao Meng sold his family home to keep Yostar operational. This money was divided into two parts: one for the agency funds for "Azur Lane," and the other to establish HYPERGRYPH and act as the overseas distributor for "Arknights." This shift allowed Yostar to "make a comeback" and also brought HYPERGRYPH into the public eye. HYPERGRYPH was established in 2017, with core team members including Huang Yifeng, Yao Meng, and Zhong Qixiang, along with Wang Weiqi, Fan Rundong, Yuan Li, and Le Junwei. Wang Weiqi was the president of the 2D Mirror doujin circle, which primarily focused on doujin creations related to the Touhou Project, and Zhong Qixiang was also a member of 2D Mirror. Most of the core settings and character prototypes in "Arknights" are based on a series of works represented by Zhong Qixiang's illustrations of the "Ⅲ–XANADA" worldview, thus the work carries some shadows of the Touhou Project. Based on this gene and background, "Arknights" received recognition from the ACG community upon its launch, becoming the largest domestic representative work in the ACG doujin genre, even comparable to the Touhou Project. HYPERGRYPH also became one of the "Four Little Dragons" of Shanghai gaming companies thanks to this game As of now, HYPERGRYPH has been deeply cultivating its self-developed projects while also expanding its business in the ACG (Anime, Comic, and Game) sector through investments. For example, in addition to Youxing, the companies it has invested in include Shenlan Interactive, Yuehuan Network, Wulifang Digital, and Liangdian Shifen Animation, covering multiple fields such as game development, publishing, and animation production. In conclusion Throughout the development of the ACG sector, these veteran players and star companies, which originated from doujin circles, have grown into the backbone of promoting ACG development. Today, against the backdrop of a "decline" in the ACG sector and a fragmented gaming market, these companies are once again attempting to unite through self-development, investment, equity holding, publishing, and co-operation, proving that the ACG sector still needs a group of people who understand content, players, and communities to create products that are both warm and creative, penetrating cycles and bringing new shocks to the global gaming market. This may be one of the important reasons why we still have high expectations for ACG games in the era of industrialized and templated gaming ### 相關股票 - [HYPERGRYPH (HYPERGRYPH.NA)](https://longbridge.com/zh-HK/quote/HYPERGRYPH.NA.md) ## 相關資訊與研究 - [11:01 ETPureHealth Research Liver Health Supplements Target Fatty Liver for Improved Daily Energy](https://longbridge.com/zh-HK/news/281689012.md) - [Phú Mỹ Hưng links with banks to offer low rates to customers](https://longbridge.com/zh-HK/news/281592062.md) - [10:52 ETAvid Games Launches Wild Cards, a Card Battler Where Anything Can Battle Everything](https://longbridge.com/zh-HK/news/281390049.md) - [14:05 ETFolger Consort Announces 2026-27 Season of Early Music, Celebrating 50 Years of Musical Excellence](https://longbridge.com/zh-HK/news/281562132.md) - [Nvidia Invests Billions to Strengthen AI Ecosystem](https://longbridge.com/zh-HK/news/281369716.md)