Mulan Investment's latest research report on China Mobile Games () points out that the company aims to enter the new capital market for RWA through the tokenization of scarce IP assets (global IP licensing of Xianjian); its self-developed Web3 payment tool CMGEPay can effectively support the promotion revenue of game official websites, enhance game gross margins, and build an efficient, low-cost payment infrastructure for Chinese games going overseas; in addition, the Web3 esports platform KKFun Esports is committed to creating a highly engaged overseas user community through on-chain fair competition and social gameplay.