shenzhoufu

About shenzhoufu

Founded in 2004 by Jiangtao Sun, Shenzhoufu Technology (also known as Shenzhoufu) carved out a specific niche within China's burgeoning digital economy. The company operates as a third-party payment and digital product distribution provider, initially focusing on a clever solution for the unbanked and underbanked gaming community.

The business was conceived by co-founder Tang Bin, based on his own experiences trying to sell software online in the early 2000s. CEO Jiangtao Sun, a serial entrepreneur, brought a background in the SP (Service Provider) sector, which proved instrumental in the company's early strategy and ability to secure venture capital. Along with co-founder Wei Zhonghua, the team had previously established and sold an SP company named "Shidai Jiecheng" to中华网 (China.com). This prior success and deep understanding of mobile value-added services informed Shenzhoufu's unique business model.

Shenzhoufu's core service allows users to purchase digital goods, primarily for online games, by using prepaid mobile phone recharge cards. This model effectively turned the ubiquitous mobile top-up card into a de facto currency for online transactions, bypassing the need for traditional bank accounts or online banking, which were less prevalent at the time of the company's inception. The company generates revenue by taking a percentage from these transactions, sharing the profit with the game developers. Its clients are primarily game companies, both for PC and mobile platforms, who integrate Shenzhoufu's payment gateway into their products.

The platform provides a stable and high-capacity system for rapid order processing and offers a professional backend management system for its business clients. For developers, it supplies a comprehensive software development kit (SDK) and various APIs to facilitate easy integration on both PC and mobile ends. The business model was so distinct to the Chinese market that it was reportedly difficult for some early international investors to grasp. After establishing itself, the company secured a $5 million Series A funding round from IDG Capital in August 2008, followed by a $10 million Series B in June 2009 with participation from IDG and Ventech China. Shenzhoufu later went public on the Hong Kong stock exchange in late 2013.