China Clears Savvy Games' Purchase of ByteDance's Moonton for More Than $6 Billion

Chinese approval moves Moonton closer to Saudi ownership

China's State Administration for Market Regulation has unconditionally approved Savvy Games Group's proposed acquisition of Moonton, the Shanghai company behind Mobile Legends: Bang Bang, in a transaction valued at more than $6 billion. The regulator completed its review on October 29, 2026, and disclosed the decision on November 6.

The acquisition would transfer a major mobile gaming business from ByteDance, the Chinese owner of TikTok, to a company established by Saudi Arabia's Public Investment Fund. Mobile Legends: Bang Bang has recorded 1.5 billion downloads and built a particularly strong following in Southeast Asia, including Indonesia.

The regulatory listing names Saudi Electronic Games Holding Company, Moonton Holdings Limited and Shanghai Moonton Technology Co., Ltd. as the businesses involved. It appears among transactions granted unconditional approval during the period from October 26 to November 1, 2026.

China's decision clears one regulatory step toward completion. Skadden, ByteDance's legal adviser on the sale, said the transaction remained subject to customary closing conditions, including certain regulatory approvals. Neither company has announced a closing date.

What exactly is Savvy buying?

Savvy plans to acquire Moonton's main business entity and related core assets, including Mobile Legends: Bang Bang and several products in development. Moonton's portfolio also includes Magic Chess: Go Go, a spin-off that extends the company's games beyond its flagship title.

Mobile Legends: Bang Bang belongs to a category called multiplayer online battle arena games. Players compete in teams, using characters with different abilities to defeat opponents and attack their base. Its competitive format also supports esports, where organised teams play in tournaments for audiences.

Moonton would become a wholly owned Savvy subsidiary when the transaction closes. That would give the Saudi group ownership of an established developer, its games and its development pipeline, while bringing a large competitive gaming community into its portfolio.

Shanghai headquarters and management would stay

Moonton's ownership is set to change, but its operating base and leadership structure are expected to remain in place. An internal letter dated March 20 said the company would continue operating from Shanghai and retain its management structure.

Zhang Yunfan, the head of ByteDance's gaming business, would continue serving as Moonton's chief executive officer. The planned continuity gives employees and business partners a clearer picture of who would run the company after the sale, even as its ultimate owner changes.

Founded in 2014, Moonton initially concentrated on markets outside China. It has branches in Singapore, Peru, Malaysia, the Philippines and Indonesia. Those locations show that Savvy is acquiring a business with an existing international presence, including operations close to some of its most important audiences.

The company's position in Southeast Asia is central to the purchase. Mobile Legends: Bang Bang gained particular popularity in Indonesia, and its wider regional following gives Savvy a connection to players and competitive gaming communities far beyond Saudi Arabia.

How the sale reached this stage

ByteDance acquired Moonton through its gaming unit Nuverse in 2021, when the business was valued at about $4 billion. The purchase formed part of ByteDance's expansion into games, a strategy it later scaled back.

Earlier sale discussions with Savvy stalled over valuation in late 2023. The companies subsequently returned to negotiations, leading to an agreement announced internally in March 2026 and the Chinese competition decision in October.

• 2014: Moonton was established and began building a business focused on overseas markets.
• 2021: ByteDance acquired Moonton through Nuverse at a valuation of about $4 billion.
• Late 2023: Earlier discussions about a sale to Savvy stalled over valuation.
• March 20, 2026: An internal letter described the planned sale and said Moonton would become wholly owned by Savvy.
• October 29, 2026: China's market regulator completed its review without imposing conditions.
• November 6, 2026: The regulator published the approval.

The March letter indicated that completion was expected soon. The subsequent October review and November disclosure show that the transaction continued through regulatory procedures for several more months.

What the price says about ByteDance's exit

Skadden, ByteDance's legal adviser, said the reported purchase price exceeded $6 billion. The internal Moonton letter did not disclose a transaction value, so the price and the operational plans came from different disclosures.

Compared with the approximately $4 billion valuation at ByteDance's purchase in 2021, a $6 billion sale represents an increase of roughly $2 billion, or 50 percent, over five years. The figures are approximate because the earlier valuation was about $4 billion and the proposed sale price is above $6 billion.

ByteDance's financial return also depends on spending during its ownership, transaction expenses and the final terms. The headline comparison measures the change in the business's reported value; calculating the amount ByteDance ultimately earns would require those additional figures.

The sale follows ByteDance's retreat from its earlier gaming expansion, including the shutdown of its Nuverse games arm around 2023. Nuverse had published Marvel Snap. Selling Moonton would complete the disposal of ByteDance's core gaming assets and place one of its most prominent remaining games businesses under a buyer still expanding in the sector.

Why Moonton fits Savvy's growing portfolio

Saudi Arabia's Public Investment Fund established Savvy Games Group in 2022 to invest in game development, publishing and esports. Moonton would bring those interests together: it develops games, operates a major mobile title and owns a product around which competitive tournaments can be organised.

Savvy bought mobile publisher Scopely for $4.9 billion in 2023. Scopely then acquired Niantic's games business, including Pokémon Go, for $3.5 billion in 2025. At more than $6 billion, the proposed Moonton purchase would be larger than either of those individual transactions.

Savvy also owns ESL FACEIT Group, an esports operator. Owning a tournament business and owning a game provide different forms of influence: an operator runs competitions, while a game owner controls the underlying product and its development.

Game industry analyst Zhang Shule described the Moonton transaction as beneficial to both sides. In his assessment, ByteDance could sell a profitable business with limited relevance to its broader strategy, while Saudi Arabia would acquire a leading esports title to support its ambitions beyond oil.

A wider Saudi push into games

PIF's gaming investment activity extends beyond Savvy's proposed purchase of Moonton. The fund reportedly completed a $55 billion acquisition of Electronic Arts alongside Silver Lake and Affinity Partners earlier in 2026. PIF and Silver Lake have also reportedly held talks about buying game engine company Unity in a transaction potentially valued at $25 billion.

Electronic Arts makes and publishes games, while Unity supplies software used to build them. Those businesses occupy different parts of the industry from Moonton, whose appeal centres on an established mobile game, its development teams and its audience.

The Unity discussions remain a potential transaction. They nevertheless show the breadth of the Saudi investment interest described alongside the Moonton deal, stretching from individual game franchises to the tools developers use.

Zhang Shule also argued that owning a leading competitive title could help Saudi Arabia expand businesses connected to esports and reduce its dependence on games controlled by other large companies. For Savvy, Moonton would add ownership of a game itself to a portfolio that already includes tournament operations.

What changes for players and the business?

Mobile Legends: Bang Bang players would see the company behind their game move from Chinese to Saudi ownership if the acquisition closes. The stated plans keep Moonton's headquarters and management structure in place, making organisational continuity part of the transaction.

The game's 1.5 billion downloads help explain its commercial appeal. Downloads count installations over time, rather than people currently playing, but they illustrate how widely the title has travelled. Its strong Southeast Asian following gives Savvy an established audience in a region where Moonton already has several offices.

China's unconditional approval means the regulator cleared the transaction without requiring changes as part of that review. Competition reviews examine whether combining businesses could weaken competition, for example by giving a buyer too much control over a market.

Savvy and ByteDance still need to complete the remaining closing requirements identified by their legal adviser. Once those are satisfied, the purchase would place Moonton's games and future development under a Saudi group that has already spent billions building its mobile publishing and esports businesses.

Key Points

• China completed its unconditional review of Savvy's Moonton acquisition on October 29, 2026, and published the approval on November 6.
• The reported purchase price exceeds $6 billion, compared with Moonton's approximately $4 billion valuation when ByteDance bought it in 2021.
• The acquisition includes Mobile Legends: Bang Bang, which has recorded 1.5 billion downloads, and other core assets.
• Moonton would become wholly owned by Savvy while retaining its Shanghai headquarters and management structure.
• The deal would expand Savvy's portfolio alongside Scopely and esports operator ESL FACEIT Group.
• Completion remains subject to closing conditions, including certain regulatory approvals, and no closing date has been announced.