When you unwrap a beautifully designed game card set, have you ever considered the business logic and innovative power behind these small pieces of paper? During the New Year holidays, Shanghai Zhenyouqu Culture's creative brand "ShiningSoul" collaborated with the game IP "Reverse: 1999" to host a pop-up event at Guangzhou K11, attracting massive fan attention. Behind this company stands Yao Shuobin, the 42-year-old chairman of leading playing card manufacturer Yaoji Technology, who is attempting to leverage cards to create an entirely new market.
The New Force in Trading Cards: ShiningSoul's Ascent
Founded in 2023 by Yao Shuobin and industry veteran Sheng Chuan, ShiningSoul represents a new generation of trading card companies. Yao, a graduate of the University of Warwick, partnered with Sheng, who boasts nearly two decades of card industry experience including a previous role as General Manager of Innovation Development at Kayou. In August 2025, Zhenyouqu secured hundreds of millions in its first funding round, setting a record for the largest single investment in China's card industry, with funds earmarked for building the ShiningSoul brand.
Within just two years, ShiningSoul has established partnerships with multiple top game IPs including NetEase's "Identity V," miHoYo's "Genshin Impact," Tencent's "League of Legends," as well as "Onmyoji" and "Girls' Frontline." By focusing on physical card products for game IPs—a high-growth vertical—the company has carved out its niche in China's fiercely competitive card market.
Product Experience: Immersive Sensory Interaction
ShiningSoul's "Identity V: Carving Time" third-edition card box retails for ¥40 (containing 80 cards), though some online channels offer it as low as ¥20. The unboxing experience emphasizes immersive sensory engagement:
Matrix Strategy: Catering to Collectors and Casual Fans
While deepening its "Identity V" offerings, ShiningSoul employs a matrix strategy. For serious collectors, premium series like "Carving Time" deliver high-end products, while the "UTTU Sparkling Column Collector Cards" collaboration with "Reverse: 1999" (priced at ¥9.9 per pack or ¥158 per box) lowers barriers for casual fans. This entry-level series leads sales on ShiningSoul's Tmall store with over 8,000 units sold.
The company further engages users through ultra-rare SP cards (0.05% pull rate), unboxing livestreams, and convention promotions, creating a funnel system that balances accessibility with collectibility. The "Carving Time" series sold out its first online batch within 26 days of launch.
The Yao Legacy: From Playing Cards to Trading Cards
Yao Shuobin, 42, hails from Chaoyang, Guangdong. His father Yao Wenchen founded Shanghai Yuchen Playing Cards (Yaoji Technology's predecessor) in 1994, pioneering durable specialty paper and inks to establish the company's dominance. After Yaoji went public in 2011 (current market cap: ¥12 billion), Yao Shuobin became chairman in 2018, steering acquisitions into gaming and, in 2022, strategic investments in card platforms like DAKA (player cards) and CardHobby (secondary market).
In March 2023, Yao co-founded Zhenyouqu with Sheng Chuan, launching ShiningSoul that November. The brand quickly partnered with "Identity V" and "Girls' Frontline," then expanded to "Genshin Impact," "Reverse: 1999," and "League of Legends," achieving exponential growth through 2024-2025.
Building an Ecosystem: Vertical Integration
Yao is constructing an end-to-end card ecosystem. Through Jiangsu Xiuka Technology (86.5% owned), ShiningSoul controls printing capacity for 1 billion cards annually. A joint venture with Guangdong Jinyulan Packaging strengthens supply chains in Shantou, while veteran executives oversee operations and distribution.
In August 2025, ShiningSoul partnered with Riot Games to launch "Rune Battlefield: League of Legends Duel Cards," introducing 1v1, team, and free-for-all modes to enhance replay value. The company also supports retail partners with subsidies and plans ¥100 million annual marketing investments. Beyond games, ShiningSoul now licenses animation IPs like "Peppa Pig," produces merchandise, and operates a dedicated card-drawing mini-program.
Global Ambitions: Overseas Expansion and Funding
April 2025 saw ShiningSoul debut its international brand "Glorious Soul" with Japanese "Carving Time" editions, targeting Southeast Asia and Japan first. That August, it raised hundreds of millions in Series A funding led by Gaorong Capital with participation from Hillhouse Ventures and Cathay Innovation.
Challenges Ahead: IP Dependence and Globalization
Despite rapid success, ShiningSoul faces hurdles. Without owned IP, it relies on licensed properties that incur higher costs and vulnerability to popularity shifts or renewal issues. Post-funding, priorities include securing long-term global IP partnerships, building overseas teams, and localizing distribution in North America, Europe, and Southeast Asia.
The trading card market offers vast potential but intense competition. Whether Yao Shuobin can elevate ShiningSoul into a true industry leader remains an unfolding story worth watching.