In an interview over 6 hours long, Liang Qiwei, S-GAME founder and the game’s producer, explained who funds the studio. According to GamerSky’s summary, for Phantom Blade Zero Tencent invested over 400 million yuan and holds more than 20% of the company; NetEase and Hero Games came in earlier, and IDG Capital later. He also said the game’s art was not made with AI: they only use it for logic, testing and optimisation.
Who has put money into S-GAME
In order, as told by Liang Qiwei
- NetEaseearly funding and publishing support
- Hero Gameslater investment
- Tencentover 400 million yuan, over 20%
- IDG Capitallater rounds
Tencent figures according to GamerSky, summarising the podcast. 每日经济新闻 confirms a Tencent investment of “several hundred million” yuan in 2021.
Who funds S-GAME
The interview is episode 156 of Zhang Xiaojun‘s (张小珺) business podcast, released on 13 November and recorded before launch. According to GamerSky’s summary, NetEase gave the studio money and publishing support early on; Hero Games (英雄游戏) invested later; for Phantom Blade Zero, Tencent put in over 400 million yuan for more than 20%; and IDG Capital joined in later rounds.
The newspaper 每日经济新闻 had already reported on 28 October that S-GAME received a strategic investment of “several hundred million yuan” from Tencent in 2021, and that the game started in 2022. Liang added that, when the price was right, the studio bought back early investors’ shares to gain more creative freedom.
S-GAME’s investors
| Who | What they contributed | Source |
|---|---|---|
| NetEase | Early funding and publishing support | GamerSky |
| Hero Games | Later investment | GamerSky |
| Tencent | Over 400 million yuan and over 20% (strategic investment in 2021) | GamerSky · 每日经济新闻 |
| IDG Capital | Later funding rounds | GamerSky |
GamerSky summarises what Liang Qiwei said on the podcast; we have not listened to the full 6 hours.
Sony discussed publishing it
Liang said Sony was considered as a possible publisher, but S-GAME chose to self-publish and run its own marketing outside China. He admits that means giving up a big publisher’s global reach, but believes the team can handle it. Judging by the sales by region, it has done well outside China.
No AI in the art
S-GAME uses AI for technical tasks such as logic, testing and optimisation, but according to Liang Phantom Blade Zero’s art was not AI-generated. His reasoning: when you buy a game you also pay for the work of the people who made it and their name as creators. He admits AI will make games cheaper to build and let small teams, or a single person, finish a complete one.
He also repeated a figure he often uses: Chinese players account for about 25% of Steam spending, yet Chinese studios earn only around 5% of its revenue. He sees it as an opportunity for big-budget Chinese games, though not a guaranteed one.
Frequently asked questions
Does Tencent own S-GAME?
Not outright: according to Liang Qiwei, it holds over 20% after investing over 400 million yuan for Phantom Blade Zero.
Does Phantom Blade Zero use AI art?
No, according to its producer: AI was only used for logic, testing and optimisation.
Why didn’t Sony publish it?
Sony was considered as publisher, but S-GAME preferred to publish and market it itself.
Keep reading
Kaarosu Damu Kira is a soulslike player with 13 platinum trophies, from Dark Souls and Bloodborne to Elden Ring and Black Myth: Wukong, and the author of PBZ Guide. Kaarosu earned the Phantom Blade Zero platinum on 14 Nov 2026 in a single playthrough and turns every fight into clear, fact-checked guides.
