Internet, Software

China's Ourpalm To Invest CNY1.1 Billion In South Korean Gaming Company

Chinese web and mobile game developer, publisher and operator Ourpalm reportedly plans to invest CNY1.101 billion in South Korean gaming company Webzen Inc.

Ourpalm will complete the investment by acquiring the 19.24% stake in Webzen from NHN Entertainment Corporation. On the completion of the deal, Ourpalm will become the second largest shareholder of Webzen, following Webzen's founder and chairman Kim Byung-gwan who owns a 27.2% stake.

Founded on April 28, 2000, Webzen is headquartered in Seoul and it was listed on KRX-KOSDAQ in December 2003. At present, Webzen has 11 subsidiaries along with branches in Europe and America. With over 600 employees, the company's major products include MU Online, MU: Origin, C9, Huxley, and R2. In addition, the company is licensing its intellectual properties around the world and it operates an online gaming platform Webzen.com.

In 2014, Webzen's operating revenue was KRW73.472 billion, which was about CNY397 million; and its net profit was KRW8.414 billion, which was about CNY45 million. In 2015, Webzen's operating revenue was KRW242.222 billion, which was about CNY1.301 billion; and its net profit was KRW60.235 billion, which was about CNY325 million. The company's performance represented a year-on-year increase of 622.22%.


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