This article was published on June 2, 2025, at 4:13 p.m. on the ChosunBiz MoneyMove website.
Alpha Asset Management, a private equity fund operator holding 35 billion won of Wemade stock, is facing increasing losses. The hope for a rebound in the stock price has dimmed as the virtual currency Wemix, which had boosted Wemade's stock, has also been delisted. Alpha Asset Management is led by CEO Choi Jun-hyuk, the husband of actress Jeon Ji-hyun.
According to the virtual asset industry on the 2nd, the delisting of the virtual currency Wemix from domestic cryptocurrency exchanges has been confirmed after it faced a second delisting. The Seoul Central District Court's Civil Division 50, led by Chief Judge Kim Sang-hoon, dismissed the injunction requested by Wemade against four exchanges under the Digital Asset Exchange Alliance (DAXA) on the 30th of last month.
Wemix is a virtual currency issued by the domestic game company Wemade targeting the blockchain gaming ecosystem through its subsidiary. DAXA decided on the 2nd to delist Wemix, which was designated as a transaction caution item. This was because Wemix announced on the 4th that it had lost 9 billion won worth of Wemix coins due to a hacking incident on February 28.
The decision for Wemix's second delisting is deepening Alpha Asset Management's concerns. As Wemade's performance worsens, the scenario for a price increase of Wemix, which could have allowed for a turnaround in stock prices, has also become impossible. Whenever the price of Wemix soared or related positive news occurred, Wemade's stock prices inevitably climbed.
Alpha Asset Management purchased 15 billion won and 20 billion won worth of Wemade equity in October 2023 and January 2024, respectively. The purchase prices were 34,894 won and 63,887 won, respectively. Considering that Wemade's closing price that day was 25,000 won, the valuation loss alone amounts to 15.8 billion won. The valuation losses for Pactus Company and Hanwha Investment & Securities, which also purchased Wemade shares, are estimated at around 12 billion won.
Wemade's stock has fallen more than 25% this year. The company reported an operating loss of 11.3 billion won in the first quarter, which is double the average forecast losses from securities companies. It is interpreted as the aftermath of increased operating costs due to advertising expenses for 'Legend of emir' launched in February and sluggish performance in the blockchain business.
The stock outlook is also not bright. Lim Hee-seok, a researcher at Mirae Asset Securities, noted, "It seems difficult for stock prices to gain upward momentum until the performance of major new works such as 'Legend of emir' and 'MIR M' is confirmed in China," adding, "These two games are judged to be works that cannot be expected to achieve high market expectations based on domestic performance."
An official from Alpha Asset Management said, "While it is true that we purchased Wemade shares, the said combination and trust does not constitute an investment structure that evaluates or recognizes losses based on stock prices," and added, "There has also been no recognition of valuation losses for the benchmark of the said combination and trust."
Wemade plans to hold an online emergency meeting regarding the Wemix delisting at 6:30 p.m. this day. Kim Seok-hwan, the representative of the Wemix Foundation, will attend the meeting. The pre-question bulletin board includes questions about communication with global exchanges and plans for additional legal actions.
Alpha Asset Management is a comprehensive asset management company established by Chairman Choi Gon in 2002, who previously served as the chairman of the international steel manufacturing company. Its total assets under management (AUM) exceed 1 trillion won. Currently, it is led by CEO Choi Jun-hyuk, the second son of Chairman Choi. Born in 1981, he worked as the head of the derivatives division at the Seoul branch of Bank of America (BOA) before becoming the CEO of Alpha Asset Management in February 2019. He married Jeon in 2012.