CTW CTW Cayman - Class A Ordinary Shares

CTW Inc. is a Japanese video game company based in Tokyo. It is mainly known for its browser-based gaming platform, G123.

History

CTW Inc. (originally CTW株式会社) was founded in August 2013, with Ryuichi Sasaki as president. CTW transitioned to developing HTML5-based browser games in the mid-2010s.

In October 2018, CTW launched its gaming platform, G123, which provides instant-play games primarily adapted from popular anime and manga franchises. By 2024, its users had increased to more than 500 million.

In 2021, CTW began expanding its international operations and released localized versions of its games in English and other languages.

In 2023, CTW reorganized under a Cayman Islands entity as CTW Cayman. Two years later, in 2025, CTW filed to list on the Nasdaq as CTW Cayman.

On August 6, 2025, CTW Cayman was listed on the Nasdaq.

Platform

CTW operates G123 as its primary platform. G123 uses HTML5 technology, enabling browser-based gameplay without requiring downloads or installations. The platform provides free-to-play games across various genres, such as RPG, strategy, and simulation, monetized through optional in-game purchases. By mid-2025, G123 hosted over 25 active titles.

Selected games

Vivid Army (2019)

Queen’s Blade Limit Break (2022)

Black Lagoon: Heaven’s Shot (2023)

Doraemon: Comic Traveler (2025)

High School D×D Operation Paradise Infinity (2025)

Miss Kobayashi's Dragon Maid Fantasia (2025)

Criticism

Internationally, CTW and its G123 platform has faced criticism regarding its advertisements which were frequently seen throughout a number of social media platforms worldwide. Similar to mobile game ads, G123's ads use exaggerated and / or misleading content that are not present in the actual games that G123 tries to advertise. In 2025, the Advertising Standards Authority opened an investigation into CTW after three controversial adverts that were advertising High School D×D: Operation Paradise Infinity, a browser game based on the anime series High School DxD, contained unsuitable, potentially harmful content which violated a series of CAP codes, primarily 1.3, 4.1, 4.8 and 4.9. After being contacted by the ASA, CTW immediately removed the ads while also reinforcing review and approval processes to comply with ASA's CAP code.