Gaming tycoon Jin Danliang pays $200M for 29.6% stake in air filtration leader
What's the deal? Jin Danliang, the Chinese gaming entrepreneur behind the hit browser game Blue Moon Legend , is acquiring a controlling 29.6% stake in Jinhai Hi-Tech (603311.SH), a Shanghai-listed air filtration materials company. The deal, worth 1.452 billion yuan (~$200M), involves Jin taking a 24.6% stake for 1.206 billion yuan and his business partner Chen Yongcong picking up the remaining 5% for 245 million yuan.
Once completed, Jin becomes Jinhai Hi-Tech's controlling shareholder and de facto controller. The shares are being sold by existing controlling shareholder Huitou Holdings and its concert party Zhuji Sansan Investment at 20.79 yuan per share.
Why now? Jin, born in 1990, has been quietly building a cross-industry portfolio. He co-founded Zhejiang Shenghe Network Technology, which was acquired in stages by gaming firm Kingnet Network (002517.SZ) for a combined 1.8 billion yuan. He remains Kingnet's third-largest shareholder with a 4.52% stake worth roughly 1.675 billion yuan.
In 2023, Jin took over OTC-listed Yuchuang Century (839710.NQ), an 80% stake that he quickly turned profitable. Revenue there soared to 530 million yuan in 2025 with net profit of 290 million yuan — a dramatic turnaround from prior losses.
Jinhai Hi-Tech, meanwhile, is an attractive target. It supplies air filtration products to Daikin, Gree, Midea, 3M, and automakers including GM, Hyundai, Nissan, and Honda. It holds AS9100D aerospace certification and works with COMAC on filtration systems for the C919 aircraft. Revenue grew steadily from 725 million yuan in 2023 to 855 million yuan in 2025.
What could go wrong? The market is already watching closely — and so are regulators. Jinhai Hi-Tech's stock hit its daily limit on May 8, the trading day before the company halted shares to announce the deal. The Shanghai Stock Exchange sent a regulatory inquiry on May 15 covering the company, its directors, controlling shareholders, and intermediaries.
Jin and Chen have pledged a 60-month lock-up on their newly acquired shares and committed not to inject any gaming assets into Jinhai Hi-Tech for at least 36 months. They also said they have no plans to change the company's core business in the next 12 months. Still, the gaming mogul's cross-sector leap raises obvious questions about long-term strategic intent.
Jinhai Hi-Tech's Q1 2026 results showed some softness: revenue dipped 2.6% year on year to 221 million yuan, while net profit fell 19%.
The signal: Jin's acquisition reflects a growing trend of Chinese gaming entrepreneurs redeploying capital into industrial and manufacturing businesses as the domestic gaming sector faces tighter regulation and slowing growth. Jinhai Hi-Tech's blue-chip client roster — spanning Daikin, 3M, COMAC, and major automakers — and its steady revenue growth from 725 million yuan to 855 million yuan between 2023 and 2025 make it a textbook cash-flow diversification play. The 60-month lock-up and pledge not to inject gaming assets suggest Jin is positioning this as a long-term industrial bet rather than a quick financial flip, but Q1 2026's softening results will test that patience early.
Read more: 36kr.com
