Winking Studios Issues Incentive Shares Post-Acquisition of Mineloader, Secures SGX and AIM Listings: Major Expansion and Revenue Surge

Key Points for Investors

• Incentive Share Issuance: Winking Studios Limited will issue 1,573,176 new Incentive Shares in 2025 to key management, at £0.1997 (approx. S\$0.33) per share, reflecting the average price on the AIM market post-acquisition announcement.
• Aggregate Value: The new shares are valued at about S\$0.5 million (£0.3 million or RMB2,796,840).
• Acquisition Completion: The company completed its acquisition of Shanghai Mineloader Digital Technology Co., Ltd. on 1 April 2025, adding 495 employees and boosting total headcount to 1,405 as of 31 July 2025.
• Revenue Boost: Mineloader contributed approximately US\$4.1 million in revenue between 1 April and 30 June 2025, supporting significant earnings growth.
• Listing Approvals: Winking Studios received in-principle approvals for the listing and quotation of these Incentive Shares on both the SGX Catalist and AIM, with trading expected to commence on or around 28 October 2025.
• Voting Rights Update: Upon admission, total ordinary shares in issue will rise to 441,938,118, updating the denominator for major shareholder notification requirements.
• Integration and Synergy: The integration of Mineloader, specializing in higher-margin AAA console games, is progressing well and is expected to further enhance the Group’s global competitive position.
• Corporate Profile: Winking Studios now boasts 13 studios and over 1,400 employees, serving 22 of the top 25 global game development companies.

In-Depth Analysis: What Investors Need to Know

Incentive Shares and Price Sensitivity: The issuance of incentive shares to key management is not merely a routine corporate action. It is closely tied to the successful acquisition and integration of Mineloader, a move that has already produced tangible revenue growth. The £0.1997 issue price reflects market conditions and can be seen as a benchmark for recent trading ranges, which investors will scrutinize for both dilution and management alignment. The aggregate value of the incentive shares, at S\$0.5 million (£0.3 million), is significant and reflects the company’s recognition of key personnel’s contributions.

Acquisition-Driven Growth: The acquisition of Mineloader has rapidly scaled Winking Studios’ workforce and capabilities, particularly in the high-margin segment of AAA console gaming. The addition of 495 employees (raising the total to 1,405) is expected to not only improve operational capacity but also drive future revenue and margin expansion. The initial US\$4.1 million revenue contribution in less than a quarter signals that the acquisition is already accretive.

Market Listings and Share Liquidity: The dual listing of Winking Studios on both the Singapore Exchange (SGX) Catalist and London’s AIM is a major milestone. The upcoming admission of the new incentive shares (expected 28 October 2025) will raise the number of ordinary shares to 441,938,118, a relevant figure for institutional investors monitoring their positions relative to disclosure thresholds. The cross-border listing is likely to enhance share liquidity and visibility among global investors, which can be a catalyst for re-rating.

Strategic Implications: The integration of Mineloader is described as progressing well, and its expertise in AAA console games positions Winking Studios as a formidable player in the global gaming services industry. Serving 22 of the top 25 game development companies, the company’s expanded workforce and capabilities make it a preferred partner for high-end, large-scale gaming projects.

Corporate Communications: The company maintains active investor relations in both Singapore and the UK, with contacts provided for media and investor queries. This reflects the company’s commitment to transparency and robust corporate governance.

Potential Price-Moving Catalysts

• The successful and accretive integration of Mineloader, with proven revenue impact, could lead to upward earnings revisions and improved investor sentiment.
• The issuance of incentive shares may be viewed positively as aligning management interests with those of shareholders, though investors should monitor for any potential dilution effects.
• Dual listing and increased share liquidity may attract new institutional investors and broaden the shareholder base, potentially supporting share price appreciation.
• Continued momentum in securing large contracts from major global gaming companies could fuel further growth and re-rating.

About Winking Studios Limited

Headquartered in Singapore, Winking Studios is one of Asia’s largest AAA game art outsourcing studios and an established game development company with over 25 years of experience. The company operates 13 studios across Asia, employs over 1,400 professionals, and counts 22 of the world’s top 25 game developers among its clientele.

The company was listed on the SGX Catalist in November 2023 and on AIM in November 2024, reflecting its global ambitions and strong growth trajectory.

Disclaimer

This article is provided for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a professional advisor before making any investment decisions. The author and publisher assume no liability for any actions taken based on the information provided herein.

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