Wemade's largest shareholder, Chair Park Gwan-ho, will sell equity worth about 920 billion won to Hong Kong-based investment firm Neopulse.
On the 30th, according to Wemade, Park said he signed a stock purchase agreement (SPA) to sell all the equity in Wemade that he holds. The acquisition will be led by investment platform Neopulse, which has close ties with Alibaba and major Chinese game corporations.
Neopulse cited Wemade's massively multiplayer online role-playing game (MMORPG) development capabilities and the competitiveness in China of its flagship intellectual property (IP), "Mir (MIR)," as reasons for the investment. Going forward, Neopulse plans to push new global titles including for the Chinese market and to expand the IP business in collaboration with Chinese IT corporations and game developers and publishers.
The 920 billion won corporate value was calculated, the company said, not only to reflect Mir IP's stable revenue generation and business value in China as proven through subsidiaries such as ChuanQi IP, but also to account for future growth potential from applying AI technology and synergy in global distribution.
A Wemade official said, "This partnership will be a key turning point to secure a leading position in the next-generation game market based on strong consensus and trust," adding, "Wemade will continue to meet market expectations through a thorough localization strategy and by strengthening AI-based game development capabilities."