Former Major Shareholder of "Jinyiwei" Bankrupt, All Its Games Shut Down

Summary

Shanghai Yingche Network Technology Co., Ltd., once known for its investment in the Chinese single-player game "Code: Jinyiwei" (tentative title), has officially entered bankruptcy liquidation. As a result, its two mobile games, "Qingkong Zhixia" and "Millennium Journey ELF", were shut down at 5 PM on August 26. The bankruptcy case was accepted by Shanghai Third Intermediate People's Court on July 27, 2026. In the shutdown notice, Yingche stated that player account data and in-game assets will be sealed and preserved by the bankruptcy administrator, not deleted. For unused prepaid virtual currency, a special disposal plan will be formulated after the operation handover. However, under bankruptcy liquidation, it is extremely difficult for players to recover their spent money, and actual compensation rates are typically very low. This incident has raised concerns about the sustainability of game services and the protection of virtual property. In recent years, failures of game industry investments and company collapses have been common, but Yingche's bankruptcy is more symbolic because of its association with the highly anticipated "Code: Jinyiwei". For players, this is a reminder of prepayment risks. For the industry, there is a lack of clear regulations regarding the handling of game assets in bankruptcy, and this case may serve as a reference for future legislation…