Ancient Red is a random world Diablo-like RPG that came out in 2000 from the Korean Skenext company. Their website is long gone but available on wayback. It looks like they were gone by 2002.
The game originally came in greyscale or 256 color, with separate files for each. This version, 'v16c',only has one version, so might be color only. It comes with a manual,readme, and serial, though the game is patched to not need registration.
Mobygames has an entry on it, and the Gadgeteer did a review that's still available. It looks like due to the complexity on the screens that it would be easier to play with the PHEM or Styltap Android emulators on a larger screen.
Tested and working on my Zodiac, though it seemed to have issues at start in landscape mode. Portrait mode seemed to run fine.
From their website on wayback -
Wonderful graphics with full screen and 256colors. A huge scale with 20,480 screens. Auto-World Creation System. Auto-save games. Auto-mapping. Hundreds of items. Various monsters with excellent A.I. Soft animation with 8-directed characters. Various magic and splendid effects. Fierce battles against countless enemies. convenient interface. Item trade through infrared ray communication