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iCandy Acquires Renowned Lemon Sky Studios, To Form Largest Game Development Company in Australia and Southeast Asia

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iCandy Acquires Renowned Lemon Sky Studios, To Form Largest Game Development Company in Australia and Southeast Asia
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iCandy Interactive Limited announced its 100% acquisition of the leading Southeast Asian gaming studio, Lemon Sky Studios. This acquisition adds strategic value and significant scale to iCandy’s existing capabilities. It will form the largest pure-play game development company on the Australian Stock Exchange, and in Australia and Southeast Asia too, with more than 450 employees while generating no less than A$17 million (US$12.36 million) revenue per annum.

With significant interest and best-regarded growth in gaming driven by the metaverse concept, iCandy Interactive and Lemon Sky will be a leading powerhouse through its regional expansion plans in developing casual and AAA gaming on blockchain for the open metaverse.

The metaverse is a virtual world that allows work and play, shared by millions (or billions) of people. It is built with next-generation technology encompassing Virtual Reality, Augmented Reality and Video and Gaming technologies.

iCandy Interactive’s core business is in game development, game publishing, and esports. The company is the co-founder of the global esports league and platform, Esports Players League (ESPL), fast-growing across 17 countries in Southeast Asia, South Asia, Latin America and Europe.

Games on the iCandy network are played by over 360 million mobile gamers worldwide. The gaming studios based in Malaysia, Singapore and Indonesia have won multiple awards, including Google Play’s Best of 2016 and 2017 New Android Excellence Game Award* Games Award for Crab War and other various coveted international events.

Its latest game release, Claw Stars, is a top-rated mobile game with over 1 million downloads since its initial release in July 2021. It has received more than 50,000 4-star and 5-star reviews on Google Play and App Store.

Founded in 2006, Lemon Sky Studios is an award-winning video game and animation studio world-renowned for providing innovative visual art solutions for critically acclaimed

AAA gaming titles ranging from Overwatch 2, Call of Duty – Infinite Warfare, to SimCity, Diablo 3, StarCraft: Remastered, amongst many other illustrious titles.

The studio has amassed an incredible clientele over its 15-year history, working with gaming industry leaders such as Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix, Bandai Namco, Microsoft Studios, EA Entertainment, Disney and Nickelodeon.

“Lemon Sky Studios is a phenomenal acquisition and an excellent addition to iCandy Interactive. We now have this unparalleled capability in the region, we will focus a fair bit of our newly gained superpower to make high-quality games for the metaverse, arguably the most important development for the gaming world.” says Kin W. Lau, Chairman of iCandy Interactive.

He adds, “Lemon Sky Studios’ track record in creating world-class visuals for AAA games is highly regarded in the industry. To merge our expertise with a studio like Lemon Sky is truly phenomenal, and we cannot wait to see the outcome of integrating our teams,”

“Collaborative partnerships in the creative industry are pertinent to keeping things fresh and innovative. We are positive that this merger will encourage creative working methods and bring about new ideas. We are extremely excited about the possibilities that lie ahead,” said Cheng-Fei Wong, CEO of Lemon Sky Studios.

The acquisition will be at a valuation of MYR135 million (A$44.5 million, US$32.4 million), to be fulfilled together with cash and newly issued iCandy shares.

Concurrent with the acquisition, iCandy has also announced that it has raised A$40 million (US$29.1 million) from institutional investors via a placement that is heavily oversubscribed.

Leading iCandy’s latest fundraising round is another gaming heavy-weight, Animoca Brands, iCandy’s cornerstone investor. Animoca is a global leader in gamification technology and blockchain gaming with an extensive portfolio of over 100 investments in NFT-related companies and decentralised projects contributing to building the open metaverse. They raised more than US$200 million in 2021 and is currently valued by investors at US$2.2 billion. Separately, The Sandbox – Animoca’s subsidiary raised US$93 million recently, in a round led by Softbank Vision Fund 2.

The global video game industry is estimated to be worth A$214.33 billion (US$155.95 billion) in 2020**. With the APAC region leading the industry at 49% of the worldwide market, there is a clear pathway for growth with enormous upside potential expansion.

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Asia

Mascots Xiyangyang and Lerongrong ready for China’s 15th National Games

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Joint events were held in Guangdong, Hong Kong SAR and Macao SAR on November 9 to mark the one-year countdown to China’s 15th National Games (NG), the 12th National Games for Persons with Disabilities (NGD), and the 9th National Special Olympic Games (NSOG).

Scheduled to take place from November 9 to 21, 2025, the 15th NG will be hosted across the Guangdong-Hong Kong-Macao Greater Bay Area, with the 12th NGD and the 9th NSOG following from December 8 to 15, 2025.

The three regions are united in their commitment to delivering a “green, inclusive, open, and clean” event, while ensuring it is “simple, safe, and spectacular”. Collaborative efforts are well underway, with preparations progressing actively and prudently.

On the same day, the official theme slogans, emblems, and mascots of the events were unveiled. The slogan for the 15th NG is “Passionate National Games, Vibrant Greater Bay Area”, and that for the following games encourages those participants to pursue dreams in the Greater Bay Area and embark on a brighter journey.

According to the organizing committee of the 15th NG, both slogans are deeply aligned with the strategic positioning of the Greater Bay Area. They embody the Olympic values, Chinese cultural values, and China’s sporting spirit. Beyond that, the slogans reflect the pulse of the times, emphasize local identity, and highlight the features of sports, while striking an emotional chord and fostering a sense of unity.

The mascots for these sporting events are inspired by the Chinese white dolphin, a national first-class protected wild animal. These two adorable creatures, named Xiyangyang and Lerongrong, symbolize joy, harmony, and unity.

Designed around the theme of “prosperity and inclusiveness”, the emblem draws inspiration from the moment of fireworks bursting. The visually striking creation features three intertwining petals that rotate to form a harmonious pattern. Drawing on the distinct shapes and hues of flowers, the designers have carefully arranged the petals in a spiral that converges at the center. This symbolizes the harmonious integration and boundless vitality of the Greater Bay Area. It also represents the region’s deep connection with the motherland and its expanding global influence.

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Asia

India’s top gamers Jonathan & TechnoGamerz to face off in eFootball showdown at DreamHack India 2024

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Two of Indian esports and gaming’s biggest personalities, Jonathan Amaral (Jonathan) and Ujjwal Chaurasia (TechnoGamerz) are all set to lock horns in an electrifying clash of eFootball at DreamHack India 2024 which will be taking place at the Hitex Exhibition Centre in Hyderabad from November 15 to 17.

Having consistently made his mark in national as well as international tournaments, Jonathan is celebrated not only as one of India’s top esports athletes but also as a prominent content creator, with 6.5 million subscribers on YouTube. TechnoGamerz, on the other hand, stands as one of the biggest gaming creators globally, with an impressive 43.2 million YouTube subscribers.

This match-up, bringing together two icons of the Indian gaming ecosystem on the virtual pitch will be one for the ages. Fans of both stars can expect an intense display of skill, strategy, and passion for the game as both gamers compete for glory.

In addition to the exhibition match, Konami Digital Entertainment Co., Ltd. (KONAMI), the leading video game developer and publisher from Japan will also be hosting other exciting activities at the eFootball zone at DreamHack India 2024. These will include:

  • 1v1 Matches: Attendees will be able to test their skills against friends and other players in thrilling 1v1 eFootball matches.
  • Game Demonstrations: An in-depth look at eFootball through live demonstrations led by Konami’s gaming gurus. The one-stop spot to gather valuable insights and pro tips to elevate your gameplay in eFootball.
  • Trivia Challenges: Put your knowledge to the test with trivia challenges that will run throughout the event, offering participants a chance to win exciting rewards.
  • Crowd Engagement Activities: Real-life football activities like juggling and dribbling challenges to bring the stadium experience to the Hitex Exhibition Centre floor.
  • Influencer Visits and Exhibition Matches: A line-up of top influencers will stop by for exhibition matches, fan meet-and-greets, and exclusive gaming sessions, keeping the energy high throughout the event.
  • Exclusive Merchandise Giveaways: From trivia and 1v1 matches to game demonstrations, every activity gives participants a chance to win limited-edition eFootball merchandise.

Whether you’re looking to cheer on your favorite star, learn new techniques, or grab some amazing merch, the eFootball zone at DreamHack India is the place to be.

This year’s DreamHack India is all about passion, competition, and community, and Konami is proud to bring fans closer to the world of eFootball than ever before.

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Asia

PBBM Orders Immediate Ban Against All PH POGO Operations

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Citing risks posed by Philippine Offshore Gaming Operators (POGO) operations in the country, President Ferdinand R. Marcos Jr. issued Executive Order No. 74 imposing an immediate ban on offshore and internet gaming in the country.

In issuing the EO 74, President Marcos said “the State has the paramount duty to safeguard national security, maintain public order, uphold the rule of law, protect the safety of its citizens, and ensure the integrity of the social fabric of the nation.”

“…In pursuit of such duty, an unequivocal ban of POGO/IGL operations was pronounced during the State of the Nation Address on 22 July 2024.”

The EO cited the Department of Finance (DOF) study in saying that POGO activities significantly outweigh the economic and social benefits derived from the POGO industry because of the risks and negative consequences such as increased crime rates, social instability and exploitation of vulnerable people associated with them.

The Anti-Money Laundering Council (AMLC) Report also indicated POGOs have been identified as susceptible to money laundering, fraud and other illicit financial activities, and therefore pose substantial threats to the integrity of the national financial system.

“The high reputational risks associated with POGO/IGL operations deter foreign investment and tourism, undermining the efforts of the National Government in promoting the country as a safe and sustainable investment and tourism destination,” the EO stated.

The President’s order, signed by Executive Secretary Lucas Bersamin on Nov. 5, will cover Philippine Offshore Gaming Operators and Offshore Gaming Operations and Services.

All POGOs/IGLs and other offshore gaming operations and other offshore gaming-related/auxiliary/ancillary services with issued licenses, permits are expected to completely cease operations, including the winding up of their affairs, on December 31, 2024 or earlier.

And to develop and implement a comprehensive strategy, Technical Working Groups (TWGs) will be created. The TWG on Employment Recovery and Reintegration will address the impact of the foregoing ban on the affected sectors of the economy and ensure the reintegration of displaced Filipino workers.

This will also involve the provision of assistance and safety nets which include upskilling and reskilling programmes to ensure displaced workers could find new jobs.

The President also issued directives to national government agencies in response to the immediate POGO operations prohibition.

He wants the Presidential Anti-Organised Crime Commission (PAOCC), Philippine Drug Enforcement Agency, and other law enforcement agencies to intensify their efforts against illegal POGOs/GLs and other offshore gaming operations and services.

The Department of Human Settlements and Urban Development (DHSUD) was instructed to assist the TWG on Anti-Illegal Offshore Gaming Operations in securing the cooperation of homeowners associations to ensure the non-proliferation of POGO/IGL and other offshore gaming operations and services in subdivisions, condominiums and other real estate developments.

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