Winking Studios, a Singapore-based powerhouse in game art outsourcing, has been quietly reshaping the landscape of the gaming services industry. Known for contributing to the visual brilliance of top video game titles, the company has grown from humble beginnings into a global player with over 1300 employees across 12 studios. After years of organic growth, Winking Studios has now taken a bold step to cement its status with 3 acquisitions in 18 months aimed at widening its capabilities and client base. These moves signal an ambitious expansion strategy with a sharp focus on scaling and diversification.

 

Strategic Acquisition that Boost their Headcount to more than 1,300

 

The Shanghai Mineloader Acquisition

 

On April 1, 2025, Winking Studios officially completed its largest acquisition to date: Shanghai Mineloader Digital Technology Co., Ltd., a renowned name in Asian game art outsourcing and development. Valued at approximately USD 27.2 million (CNY 146 million), the acquisition was funded entirely through Winking&rsquo s internal cash reserves&mdash a strong indicator of the company&rsquo s healthy financial standing.

 

What does this bring to the table?

&bull       Expanded Workforce: The acquisition adds more than 460 professionals across three studios, bringing Winking&rsquo s total headcount to about 1,300.

&bull       Console Game Expertise: Mineloader&rsquo s strength in console platform games offers a new revenue stream and complements Winking&rsquo s existing capabilities in online games.

&bull       Prestigious Clientele: Mineloader&rsquo s clients include major gaming companies such as Ubisoft, Sony Interactive Entertainment, and Tencent Games, as reported in industry announcements.

&bull       Leadership Experience with Japanese Connection:   The acquired company&rsquo s operations are run by veterans with experience in top-tier Japanese gaming companies, enhancing Winking&rsquo s industry credibility and business network.

 

Winking&rsquo s CEO, Johnny Jan, described the acquisition as &ldquo a pivotal step that augments our position in the global video games industry,&rdquo highlighting the deal&rsquo s importance not just for scale but for deepening their strategic capabilities.

 

Strengthening Through Partnerships: Digital Media Lab (DML)

 

In tandem with the acquisition, Winking Studios signed a partnership agreement with Digital Media Lab Co., Ltd. (a subsidiary of Japan' s Kaga Electronics) in March 2025. This alliance aims to supercharge Winking&rsquo s computer graphics (CG) production capabilities by leveraging DML&rsquo s specialization in high-quality cutscenes and visual content.

 

Key focus areas of the partnership:

&bull       One-Stop CG Production: Combining real-time and pre-rendering technologies from both companies to offer end-to-end visual solutions.

&bull       Market Expansion in Japan: Strengthening the company&rsquo s footprint in the lucrative Japanese gaming market.

&bull       Creative Collaboration: Enabling technical and stylistic innovation through exchanges between production teams.

 

Conclusion: Eyes Set on the Horizon

 

With the global video game market projected to reach up to USD 334.8 billion by 2027, Winking Studios is positioning itself strategically. They appear ready to claim a larger share of that future. For investors and industry watchers alike, this is a company not just riding the wave, but shaping it.

 

Disclosure: The information contained in this article has not been independently verified and it is not the intention for this document to be a complete or comprehensive analysis of the Company&rsquo s business, financial position or results of operations. Not investment advice.

 

 

 

 

 

 

 

 

Winking Studios, listed in November 2023, has emerged as one of the top-performing IPOs on the Singapore Exchange (SGX). From an IPO price of 20 cents, shares in the company have steadily gained to close at 32 cents on Jan 20, a gain of about 8.5% for the day following the announcement of its latest acquisition in China. This brings the group&rsquo s maket capitalisation to $145.6 million.

 

The company also claims to be the third-largest gaming development and production player in Asia and the fourth-largest globally. It is 64.2% owned by Acer Gaming, the e-sports division of leading Taiwanese hardware and electronics giant Acer Inc, with both companies listed on the Taiwanese Stock Exchange.

 

With the proceeds from its IPO, Winking Studios is expanding its presence in North Asia, Southeast Asia and Europe. Since listing, the company has made a series of acquisitions. In December 2023, it purchased Taiwan-based On Point Creative. In April 2024, it acquired Malaysian art and animation outsourcing firm Pixelline Production. On Jan 17, it announced the acquisition of Shanghai Mineloader Digital Technology in China for $27.2 million &mdash its largest deal to date.

 

&ldquo Mineloader&rsquo s team of more than 460 employees will be a valuable addition to our group&rsquo s existing headcount of over 800, boosting our service offerings in this segment and adding new clients,&rdquo says Winking Studios&rsquo executive chairman, CEO and founder Johnny Jan.

 

Winking Studios&rsquo earnings growth trajectory has yet to fully form. In its most recent 1HFY2024 ended June 30, 2024, earnings declined by 28% y-o-y to US$909,000 ($1.24 million) from US$1.26 million a year ago, due mainly to heftier marketing costs plus listing expenses.

 

The company had to put up with lower gross margins of 27.9% from 30.7% a year ago, amid the completion of its acquisitions and the integration process, which reduced efficiency. Several projects have also been deferred to 2HFY2024 on the request of customers. Nonetheless, revenue was up 7.1% y-o-y to US$15.2 million, with orders from both new and existing customers.

 

Jan says the delays in game launches, particularly in China, were temporary and linked to regulatory challenges. With the Chinese government&rsquo s restrictions on game releases now lifted, he believes the company is well positioned to capitalise on the recovery of the gaming industry.

 

To access a broader pool of investors, Winking Studios has also been listed on the London Stock Exchange&rsquo s (LSE) Alternative Investment Market (AIM). The London listing serves strategic business objectives. &ldquo We believe that listing on AIM will allow us to build stronger relationships with European gaming companies and position ourselves as a leading player in the region,&rdquo says Jan. The counter&rsquo s IPO in London was at 15 pence per share. As of Jan 14, its shares on LSE AIM are trading at GBP0.2065 ($0.34).

 

Even though Winking Studios is in growth mode, it announced in October 2024 plans to adopt a &ldquo conservative&rdquo annual dividend policy that will pay out around 5% to 15% of its annual distributable profits. &ldquo In establishing the group&rsquo s proposed dividend policy, the board aims to maximise total shareholder return, which it feels can be achieved in the short to medium term through primarily focusing on business growth,&rdquo the company adds.

 

Winking Studios says it is actively pursuing M& A opportunities to strengthen its value proposition across the global gaming services value chain, offering &ldquo cost-effective solutions&rdquo to its Western and Asian clients across various market segments.

 

SAC Capital remains positive about Winking Studios&rsquo growth prospects, which are driven by a strong acquisition pipeline bolstered by funds raised through the recent placement and the anticipated advantages of the dual listing. In its unrated report on Jan 15, SAC Capital highlights three key investment theses: inorganic growth as a primary driver the London listing providing access to a wider investor base and Acer as a parent company, offering enhanced operational capabilities and an expanded industry network.