Core Insights - ShiningSoul has successfully completed a financing round of several hundred million RMB, led by Hillhouse Capital, indicating strong investor confidence in the card game market [1] - The card game industry in China is experiencing a significant growth phase, particularly in collectible trading card games (TCG), which are projected to grow at a compound annual growth rate (CAGR) of 56.6% from 2019 to 2024 [1][5] - The strategic focus of ShiningSoul on leveraging popular game IPs is seen as a key factor for its market entry and potential success [2][4] Company Overview - ShiningSoul was co-founded by experienced figures in the card industry, including Yao Shuo Bin, chairman of Yaoji Technology, and CEO Sheng Chuan, who has extensive experience in the card sector [3] - The company was registered in March 2023 and launched its brand in November 2023, indicating a rapid development timeline [1] Market Dynamics - The collectible card game market is expected to reach a market size of 101.8 billion RMB by 2024, with a sustained growth rate of 15.8% from 2024 to 2029 [1] - The success of ShiningSoul's card series, particularly those based on popular games like "Identity V," demonstrates strong consumer demand, with initial sales leading to sellouts within 26 days [4] IP Strategy - ShiningSoul has partnered with major game IPs such as "Identity V," "Genshin Impact," and "Girls' Frontline," which are crucial for attracting players and driving sales [4][5] - The emotional connection between players and game IPs enhances the willingness to purchase physical card products, as players seek tangible representations of their favorite games [4] Competitive Landscape - The card game market is becoming increasingly competitive, with established players like Kayo and new entrants like ShiningSoul vying for market share [6][7] - Kayo's recent financial performance, including a 277.8% revenue growth and a 378.16% increase in adjusted net profit, highlights the lucrative nature of the card game sector [6] Future Outlook - ShiningSoul plans to accelerate its strategic initiatives post-funding, focusing on establishing deeper partnerships with top global IPs and expanding its market presence in North America, Europe, and Southeast Asia [5] - The integration of collectible, competitive, and social elements in TCGs presents significant growth potential, attracting both players and investors [7]