At this year’s Game Awards (TGA), Clair Obscur: Expedition 33 arguably stole the show, sweeping nine awards, including “Game of the Year.” But for Chinese audiences, two other moments from the TGA likely stood out just as vividly.
First, Arknights: Endfield announced its release date of January 22.
Second, after months of anticipation, Phantom Blade Zero finally confirmed its launch for September 9, 2026, and opened its Steam page.
Following Black Myth: Wukong, Phantom Blade Zero has become one of the most closely watched titles in China. At major expos such as ChinaJoy and Gamescom, long queues for its demo booths have become routine. Meanwhile, developer S-Game has kept momentum by rolling out teasers and timed announcements. The demo shown at this year’s Gamescom, jokingly dubbed by players as a “trailer for a trailer,” fueled speculation about the project’s scope, with some fans guessing it might not arrive until 2027.
If Phantom Blade Zero truly launches in the second half of 2026 and delivers on its promise, it could mark a new milestone for China’s game development scene.
The origins of S-Game
In 2008, while still a university student, Liang Qiwei released Rainblood: Town of Death, a roleplaying game (RPG) he created entirely on his own.
Built with RPG Maker, the game tells the story of a martial artist betrayed by his friend and hunted by his own organization. Mortally wounded, he uses a forbidden technique to heal himself, only to discover he has just 64 days left to live, a motif of doomed fate that would echo through Liang’s later works.
Though Rainblood: Town of Death offers only about four hours of gameplay, its intricate worldbuilding and melancholic atmosphere captivated players. It received a score of 88 on review site RPGFan.
The success brought Liang more than praise. It changed how others saw him.
At the time, nearly everyone around him—his parents, girlfriend, and her family—had urged him to give up game development. He failed a university course because of his devotion to the project, losing his guaranteed admission to Tsinghua University’s graduate architecture program. Disheartened, he shelved the unfinished game.
Years later, while studying at Yale University, Liang revived it during a lull in coursework.
The finished version of Rainblood: Town of Death gained unexpected recognition. His classmates, many of whom couldn’t read Chinese, were impressed by the visuals; professors praised its artistic take on Eastern aesthetics. Soon, the “Chinese guy making cool games” became well known across the department.
Online, the response was explosive. Within a day, the game drew more than 100,000 downloads, eventually surpassing four million. When Liang released an English version in 2010, a volunteer offered to rebuild the entire codebase for free. Liang insisted on paying him USD 600, which he earned back within an hour of launch.
The project’s success inspired a sequel, Rainblood 2: City of Flame, and laid the foundation for S-Game.
In 2011, back in China, Liang met a collaborator from the Rainblood days and formally founded the studio. Early investor Xu Xiaoping, founder of ZhenFund, contributed RMB 1 million (USD 140,000), betting on Liang’s vision. That December, S-Game released Rainblood 2: City of Flame.
Two years later came Rainblood Chronicles: Mirage, marking a shift from turn-based RPGs to side-scrolling action built with Unity 3D. Liang’s focus expanded from narrative to gameplay design.
Rainblood Chronicles: Mirage sold more than 300,000 copies within three months, and its English version added another 130,000. But the jump in technology came with rising costs. The team had grown to seven, and expenses were mounting fast.
From struggle to survival
Liang soon realized that single-player games alone weren’t financially sustainable. Despite selling hundreds of thousands of copies, Rainblood Chronicles: Mirage generated only a few million RMB in revenue, most of which went to the publisher. The studio barely broke even.
At one point, Liang couldn’t pay salaries, leading to discussions of disbandment among team members. It was then he realized that passion and craftsmanship weren’t enough. A studio also needed business acumen to survive.
The turning point came when NetEase founder Ding Lei took notice. Despite Liang’s warning that “PC games don’t really make money,” Ding’s response was simple: “Persist.”
With NetEase’s support, S-Game pivoted to mobile development. In September 2017, it released Phantom Blade 1. With its distinct art style and fast-paced combat inspired by wuxia aesthetics, the game found a loyal following and, crucially, financial success. Monthly revenue exceeded RMB 40 million (USD 5.6 million), and the team grew from 20 to 70 members.
S-Game followed with Phantom Blade 2 and Phantom Blade 3, both developed on larger budgets. The latter topped the iOS RPG charts at launch.
But the growth also brought backlash. Phantom Blade 2 was criticized as overly commercial and “pay-to-win.” Phantom Blade 3 faced similar complaints, with its TapTap rating dropping soon after release. Liang called them “commercial games with an indie spirit,” but many fans remained unconvinced.
Public perception worsened when Liang posted a photo of a Lamborghini model on social media, prompting jokes that he had “sold out.”
The making of Phantom Blade Zero
S-Game’s redemption began with Phantom Blade Zero.
Determined to restore creative integrity, the studio sought major backing without losing control. In 2021, Tencent acquired a 25% stake in S-Game.
In an internal memo, Liang explained that Tencent approached them after learning of their large-scale PC and console plans. The deal provided funding and technical support “without interfering with creative direction.” Liang outlined a five-year roadmap for two Unreal Engine 5 titles: Phantom Blade Zero and Stellar Saga. The latter was later shelved so the team could focus entirely on Phantom Blade Zero.
Narratively, Phantom Blade Zero continues the legacy of Rainblood. What began in 2008 as a student’s sketchbook idea evolved into a multi-platform franchise. From classrooms to mobile hits to a high-budget console production, Liang’s path mirrors that of his protagonist: scarred, but relentless.
In Rainblood: Town of Death, the hero had 64 days to live. In Phantom Blade Zero, he returns with 66. What those two extra days signify remains to be seen. But if one word defines Phantom Blade Zero, it’s “wuxia.”
After attending a hands-on event on July 27 at Beijing’s Shougang Park, 36Kr described the title as China’s next benchmark in action RPGs. Blending fast-paced combat with cinematic storytelling, it stands apart from both the deliberate pacing of Soulslike games and the frenetic style of Devil May Cry. Its goal is to deliver action that feels authentically Chinese in rhythm and spirit.
The trailer unveiled at this year’s TGA captures its “dark wuxia” tone. It opens with a masked man cradling a baby while fighting off assassins, then cuts to the protagonist awakening on a carriage bound for distant lands. Returning characters, including Leng Tu from the Rainblood saga, make brief appearances.
Combat footage showcased complex boss encounters and a variety of weapons, from polearms and hammers to stylized martial arts sequences blending traditional choreography with punk-inspired flair. The lion dance boss, leaping between pillars, drew particular praise for fusing Chinese cultural motifs with modern fantasy design.
According to the game’s Steam page, Phantom Blade Zero uses advanced motion capture directed by Kenji Tanigaki, a veteran from Donnie Yen’s stunt team known for his work on Wo Long: Fallen Dynasty.
Speaking with 36Kr, Liang and his team emphasized their deep study of martial arts and kung fu cinema to ensure authenticity in every gesture and emotion.
Hands-on testers describe the gameplay as feeling like starring in a kung fu epic, balancing classic wuxia tropes with cyberpunk flair. Prosthetics, secret scrolls, and steel shape its world.
Like its protagonist, S-Game has come full circle: six years of indie development, seven years in mobile, and now a return to narrative-driven, single-player storytelling. The studio has experienced passion, compromise, and renewal. But unlike its characters, S-Game cannot defy mortality. It must survive as a business, and that means Phantom Blade Zero must sell.
Even so, Liang insists his ambition remains unchanged: to make a great game. For that alone, Phantom Blade Zero might just be worth the wait.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Beiguo Shu (alias) for 36Kr.