CTW Inc.
CTW Inc. is a Japanese video-game company best known for G123, an HTML5 browser-gaming platform focused heavily on games based on anime and manga properties.
Last updated August 26, 2026
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Overview
CTW Inc. is a Tokyo-based Japanese video-game company established in August 2013. The company is primarily associated with G123, a browser-based gaming platform designed to let users play HTML5 games directly in a web browser without downloading or installing a conventional client. Its business has centered on free-to-play titles, with revenue generated through optional in-game purchases. CTW originally operated as a general game developer and shifted toward HTML5 browser gaming during the middle of the 2010s. This approach allowed the company to distribute games through web browsers across supported devices while reducing the installation barriers associated with traditional PC and mobile games. In October 2018, CTW launched G123 as its principal gaming platform. The service subsequently became known for games adapted from or inspired by established anime and manga franchises, including role-playing, strategy, simulation, and related genres. The platform’s catalogue has included titles such as Vivid Army, Queen’s Blade Limit Break, Black Lagoon: Heaven’s Shot, Doraemon: Comic Traveler, High School D×D Operation Paradise Infinity, and Miss Kobayashi’s Dragon Maid Fantasia. These releases illustrate CTW’s reliance on recognizable entertainment properties as a means of attracting audiences, while the browser-delivery model enables relatively immediate access. By mid-2025, G123 was reported to host more than 25 active titles. CTW began expanding its international operations in 2021, releasing localized versions of games in English and other languages. The company’s advertising and distribution presence consequently extended beyond Japan, and its platform was reported to have accumulated more than 500 million users by 2024. The available reference material does not specify whether this figure represents registered users, cumulative users, or another measurement, so it should not be interpreted as a directly comparable active-user figure. In 2023, CTW reorganized under a Cayman Islands entity known as CTW Cayman. The group later pursued a Nasdaq listing, and the reference material states that CTW Cayman was listed on Nasdaq on August 6, 2025. No ticker symbol, offering size, valuation, revenue, or other financial information is provided here. CTW and G123 have also attracted criticism over online advertising. Some advertisements were criticized as exaggerated or misleading because they depicted content or gameplay that was not present in the advertised games. In 2025, the United Kingdom’s Advertising Standards Authority investigated three advertisements for High School D×D: Operation Paradise Infinity. The advertisements were reported to contain unsuitable or potentially harmful material and to raise issues under several CAP Code provisions. After being contacted by the regulator, CTW removed the advertisements and strengthened its advertising review and approval procedures. This episode illustrates a compliance challenge for a platform marketing licensed anime-based games to international audiences.
History
CTW Inc. was founded in Japan in August 2013, with Ryuichi Sasaki identified as its president. During the middle of the 2010s, the company moved toward HTML5-based browser games. HTML5 enabled CTW to offer games through ordinary web browsers rather than requiring users to install a dedicated application or game client, a distribution model that became central to the company’s identity. The company launched G123 in October 2018. G123 became CTW’s main gaming platform and carried free-to-play browser games across genres including role-playing, strategy, and simulation. The platform’s catalogue has been particularly associated with anime and manga adaptations or games using established Japanese entertainment properties. Optional in-game purchases provided the principal stated monetization mechanism. CTW’s selected G123 releases have included Vivid Army in 2019, Queen’s Blade Limit Break in 2022, Black Lagoon: Heaven’s Shot in 2023, and several 2025 titles, including Doraemon: Comic Traveler, High School D×D Operation Paradise Infinity, and Miss Kobayashi’s Dragon Maid Fantasia. By mid-2025, the platform was reported to contain more than 25 active titles. From 2021, CTW expanded its international business and released localized versions of games in English and other languages. The company’s games and advertisements consequently reached audiences outside Japan. The reference material reports that G123 users exceeded 500 million by 2024, although it does not define the user metric or distinguish cumulative, registered, and active users. In 2023, CTW reorganized under a Cayman Islands entity called CTW Cayman. The company subsequently pursued a Nasdaq listing, which the supplied material dates to August 6, 2025. No ticker, financial results, or transaction terms are available in the supplied sources. The company has faced criticism for advertisements that allegedly exaggerated gameplay or presented content not found in the corresponding games. A notable regulatory episode occurred in 2025, when the United Kingdom Advertising Standards Authority investigated three advertisements for High School D×D: Operation Paradise Infinity. The advertisements were reported to raise concerns under CAP Code provisions including 1.3, 4.1, 4.8, and 4.9. CTW removed the advertisements after contact from the ASA and stated, according to the reference account, that it would reinforce its review and approval procedures. The episode is relevant to CTW’s international brand management because its business depends both on licensed entertainment properties and performance-oriented digital advertising.
- 2025
Nasdaq listing
[1]CTW Cayman was reported to have been listed on Nasdaq on August 6, 2025.
- 2024
G123 user base exceeds 500 million
[1]The supplied reference reports more than 500 million G123 users by 2024, without defining the measurement.
- 2023
CTW reorganizes under CTW Cayman
[1]The corporate structure was reorganized under a Cayman Islands entity known as CTW Cayman.
- 2023
Black Lagoon: Heaven’s Shot released
[1]Black Lagoon: Heaven’s Shot joined the G123 line-up.
- 2022
Queen’s Blade Limit Break released
[1]CTW added Queen’s Blade Limit Break to its published browser-game portfolio.
- 2021
International expansion begins
[1]CTW began expanding internationally and introduced localized game versions in English and other languages.
- 2019
Vivid Army released
[1]Vivid Army became one of the identifiable titles in the G123 catalogue.
- 2018
G123 launches
[1]CTW introduced G123, its HTML5 browser-gaming platform.
- 2013
CTW Inc. is founded
[1]CTW Inc. was established in Japan in August 2013, with Ryuichi Sasaki serving as president.
Products and positioning
A Japanese browser-game publisher and platform operator focused on instant-play HTML5 games, especially free-to-play titles connected with anime and manga franchises.
Browser-gaming platform · 2018
G123
G123 is CTW’s principal HTML5 gaming platform. It provides instant-play browser games without requiring users to download or install a dedicated client. The catalogue includes free-to-play role-playing, strategy, and simulation titles, many of which are based on anime or manga properties. The platform monetizes through optional in-game purchases and has been localized for international audiences.
Strategy browser game · 2019
Vivid Army
Vivid Army is a G123 title released in 2019. It is identified as part of CTW’s browser-game portfolio and represents the platform’s strategy-oriented offering. The supplied material does not provide detailed information about its gameplay systems, markets, or current availability.
Anime-based browser role-playing game · 2022
Queen’s Blade Limit Break
Queen’s Blade Limit Break is a G123 game released in 2022 and associated with the Queen’s Blade franchise. It illustrates CTW’s approach of using established anime-related intellectual property in browser-based free-to-play games. Further details on its mechanics and current status are not provided.
Anime-based browser game · 2023
Black Lagoon: Heaven’s Shot
Black Lagoon: Heaven’s Shot was released through G123 in 2023 and is based on the Black Lagoon property. The title forms part of CTW’s strategy of combining recognizable Japanese entertainment franchises with browser delivery. The available material does not specify its detailed genre, monetization performance, or present availability.
Licensed browser game · 2025
Doraemon: Comic Traveler
Doraemon: Comic Traveler is a G123 title listed among CTW’s 2025 releases. It uses the Doraemon entertainment property and reflects the company’s continued focus on licensed anime and manga-related games. The supplied sources do not describe its gameplay or regional release scope.
Anime-based browser game · 2025
High School D×D: Operation Paradise Infinity
High School D×D: Operation Paradise Infinity is a 2025 browser game based on the High School DxD anime property. It received regulatory attention in the United Kingdom because of advertisements that the Advertising Standards Authority investigated for potentially unsuitable or harmful content. The advertisements were removed after CTW was contacted.
Anime-based browser game · 2025
Miss Kobayashi’s Dragon Maid Fantasia
Miss Kobayashi’s Dragon Maid Fantasia is a G123 title listed among CTW’s 2025 releases. It is based on the Miss Kobayashi’s Dragon Maid property and fits CTW’s model of browser delivery built around established anime franchises. Detailed product and market information is not provided.
Controversies
2025
Advertising Standards Authority investigation into High School D×D advertisements
The United Kingdom Advertising Standards Authority investigated three advertisements for High School D×D: Operation Paradise Infinity after concerns that the material was unsuitable or potentially harmful and conflicted with several CAP Code provisions. CTW removed the advertisements after being contacted and reinforced its internal review and approval procedures.
Brand decisions
2025
Advertising controls strengthened after ASA contactOtherBackground
Three advertisements for High School D×D: Operation Paradise Infinity drew scrutiny from the United Kingdom Advertising Standards Authority over potentially unsuitable or harmful content.
Action taken
CTW removed the advertisements and reinforced its review and approval procedures.
Aftermath
The episode highlighted the compliance risks of international performance advertising for anime-based games.
2023
Reorganization under CTW CaymanStrategyBackground
The company restructured its corporate organization as it continued developing its international and capital-markets strategy.
Action taken
CTW reorganized under a Cayman Islands entity identified as CTW Cayman.
Aftermath
CTW Cayman subsequently pursued and, according to the supplied reference, completed a Nasdaq listing in 2025.
2021
International localization and expansionStrategyBackground
CTW sought to extend the reach of its browser-game platform beyond Japan.
Action taken
CTW began international operations and released localized versions of its games in English and other languages.
Aftermath
G123 and its advertising reached a broader international audience.
2018
Launch of G123Product launchBackground
CTW had shifted toward HTML5 browser games during the middle of the 2010s and needed a platform for distributing instant-play titles.
Action taken
The company launched G123 as a browser-based gaming platform supporting free-to-play games and optional in-game purchases.
Aftermath
G123 became CTW’s primary platform and the main vehicle for its anime- and manga-related game catalogue.
Sources1 sources
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