Core Insights - The new card battle and IP cultural brand "ShanHun" has completed its first round of financing amounting to several hundred million yuan, led by Hillhouse Capital, with participation from Gao Rong Capital and Kaihui Fund, marking the largest financing in the潮玩IP and二次元谷子 market this year [1] - ShanHun's business model is similar to the booming "card games" strategy, focusing on collectible, social, and competitive attributes of trading card games (TCG) [1] - The company has partnered with well-known IPs such as "Identity V," "Genshin Impact," and "League of Legends," collaborating with leading domestic game companies like Tencent and NetEase [1] Company Development - ShanHun was co-founded by Sheng Chuan, a former executive in the card game market, and Yao Shuo Bin, chairman of Yaoji Technology, who recognized their shared vision for the Chinese card industry [2] - The company was established in early 2023, with initial funding from Yaoji Technology's advertising subsidiary, which also provided supply chain support [2] - The first product, "The British Library - Collection Series - Fantasy Dream Collection Card," was launched at the end of 2023, followed by a successful collaboration with NetEase's "Identity V" in early 2024 [3] Market Potential - The global TCG industry is projected to exceed 100 billion yuan by 2024, with China becoming the largest TCG market, surpassing Japan and the United States [5] - ShanHun aims to leverage its financing to establish deeper, long-term strategic partnerships with top global IPs and expand its presence in key markets such as North America, Europe, and Southeast Asia [4][5] Challenges and Opportunities - The TCG market in China is currently dominated by card games like "Ultraman" and "My Little Pony," which creates a competitive landscape that may hinder new entrants [6] - ShanHun's collaboration with "Genshin Impact" has shown promising sales, but the complexity of gameplay may limit its appeal to a broader audience [6][7] - The company plans to release an English version of its card series in late 2025, aiming to penetrate the more mature TCG markets in Europe and North America [7]