Kingnet to become Wemade's largest shareholder following IP dispute

Chinese gaming company Kingnet is set to become the largest shareholder of Wemade following a long-standing legal dispute over the ‘Mir of Legend’ intellectual property (IP). A consortium consisting of Kingnet and the investment platform Neople entered into a share purchase agreement with Wemade Chairman Park Kwan-ho on June 30.

Through its Hong Kong subsidiary, Cypress Technology HK, Kingnet will acquire a 49% stake in Neosphere, the parent company of Neople. The total investment from Kingnet is expected to be approximately $298 million (roughly 400 billion KRW). Once the transaction is finalized, the consortium will hold a 40.25% stake in Wemade.

The deal is expected to conclude by October 30, pending the payment of the remaining balance and necessary regulatory approvals. Following the change in ownership, the consortium plans to expand publishing and core IP licensing opportunities in both global and Chinese markets. Wemade stated that its current core business operations and organizational management will continue according to existing plans.