Kingnet's $298m investment makes it a key partner in Wemade ownership consortium
Kingnet Network will invest $298 million through its Hong Kong subsidiary to acquire a 49% stake in Neosphere, which indirectly controls a consortium buying a 40.25% stake in Wemade. The investment follows a settlement of long-running legal disputes over The Legend of Mir royalties. The consortium plans to expand Wemade's publishing and IP licensing opportunities in China and other global markets.
The deal has a layered structure. Kingnet's Cypress Technology HK will take 49% of Neosphere with a $298m injection, while Nexpulse contributes at least $310.2m to keep 51%. Neosphere indirectly controls NeoPulse through Shengsong Investment. NeoPulse already holds 0.92% of Wemade and agreed in June to buy 39.33% more from chairman Park Kwan-ho for roughly $684m. Completion depends on remaining payments and regulatory approvals through October 30th.
The investment follows a settlement of long-running legal disputes over The Legend of Mir royalties, resolved earlier this year in Korea, China, and Singapore. The consortium plans to expand Wemade's publishing and core IP licensing in China and other global markets, turning a former legal adversary into a strategic partner.
This deal could reshape competitive dynamics in the Chinese and global mobile gaming markets. By aligning Kingnet's distribution strength with Wemade's IP portfolio, the partnership may accelerate localized releases of The Legend of Mir and other properties, potentially affecting players through new content and pricing. Smaller developers could face increased pressure from this consolidated entity. The resolution of years-long legal disputes may also reduce market uncertainty for investors, though regulatory approvals remain a factor in the deal's final outcome.