According to Bloomberg, the Chinese tech giant is seeking to acquire the potential trade of the largest Korean game developer, Necon, to enhance its game business. According to sources, the Kim family behind Necon has been communicating with the consultants and evaluating various acquisition programmes. When the Tokyo stock market opened this morning, Necon’s stock price rose by 10 per cent.
According to Necon ‘ s interim report, after the death of Kim Jong-Zuk in 2022, his relatives held Necon ‘ s shares through the family investment company NXC Corp. As at 30 June, NXC and its associated company, NXMH BV, together held 44.4 per cent of Nexon ‘ s shares, while Kim Jong-Ze ‘ s wife and daughter owned approximately 67.6 per cent of the shares of NXC.
In recent years, telecommunication has been actively expanding its game business, with the full acquisition of companies such as Riot Games (Home League developer) and Grinding Gear Games (Release Route developer), as well as holding 1575 per cent of the shares of Arrowhead Game Studios, the developer of Hellguard 2. In May this year, TS agreed to purchase nearly 10 per cent of the shares of the Korean Music Production Co. As early as 2019, attempts were made to acquire Necon, but no agreement was reached because of price differences.
Nexon was founded in Korea in 1994 and is known for games such as ” Adventure Island ” , ” Underground City and Warriors ” , ” Bubble Cardin ” , which cover more than 190 countries and territories worldwide and operate over 45 online games. Nexon was listed in Tokyo, Japan, in 2011, as one of the first open-source shares of the largest technology companies at the time. As of this year, Nexon ‘ s share price on the Tokyo Exchange has risen by more than 10 per cent, with a company ‘ s market value of about $15 billion.
Changes in the equity structure following Kim Jong-Zuk’s death in 2022 could complicate the transaction. His wife and two daughters inherited his NXC shares, and in 2023 members of his family transferred to the Korean Government part of the shares held by the NXC Holding Company to settle the inheritance tax bill. According to local media reports, the Korean Government had tried to sell its shares but could not find a buyer. In August, the gold family resold its stock of NXC stock to the holding company at a price of 65 billion won (approximately RMB 3,413 million).
“Nexon’s founder, Kim Jong-Zuk”
Nexon ‘ s interim report showed that any transaction required the majority consent of the family, especially given the distribution of shares in NXC. According to the source, it is not clear what NXC’s attitude to the sale of the Necon shares is, nor is it guaranteed that the considerations of arraignment will eventually lead to a transaction. The representative who made the inquiry did not respond to the request for comment, and Necon and NXC refused to comment.
The global game industry has become increasingly competitive, and the emergence of Web3 and block-chain games has opened new growth opportunities for Nexon. Nexon launched Maple Valley N and Maple Valley Universe in May 2025 as NFT technology (non-same currency). Nexon ‘ s net sales in the first quarter totalled approximately $5,721 million, with a net profit of $1.3 billion.
In addition, the number of people in the world who have been working for the first time in the last year has declined. Although Necon stock prices rose in 2025, they fell by almost 30 per cent from their peak in 2021. Six years ago, NXC explored the sale of its Nexon shares, attracting interest in telecommunication and buying companies such as KKR & Co. and Hillhouse. According to Bloomberg News, the sale process was eventually put on hold owing to the failure to agree on prices.
Nexon and Tense have a history of cooperation in the development of the “National” game, The Underground City and Warriors.The successful acquisition of NEXON would be a major expansion of the game industry, further consolidating its leading position in the global game market. However, given the uncertainty of transactions and the complex family-owned structure, future developments still require close attention.
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