Korea relaunches Nexon holding firm stake sale
South Korea is moving to offload its 4.7 trillion won ($3.46 billion) stake in NXC Corp., the holding company of game developer Nexon.
The Ministry of Economy and Finance opened the sale process earlier this week, putting its shares in NXC up for public bidding, according to industry sources Thursday.
NXC is the largest shareholder of Tokyo-listed Nexon Japan and the sole owner of its Korean subsidiary, Nexon Korea.
The ministry acquired a roughly 30 percent stake — about 852,000 shares in total — in February 2023 from the family of late Nexon founder Kim Jung-ju as payment for inheritance tax.
This marks the government's third attempt to sell the stake, following two failed efforts due to a lack of interested buyers. The asking price includes a 20 percent management control premium, yet any purchaser would still face limited sway over the company, as the founder's family retains a 68 percent majority.
The government's earlier insistence on a full block sale also deterred bidders. While it continues to favor a bulk sale, officials say they may consider splitting the stake depending on market conditions.
Preliminary bids will be accepted through Aug. 25, according to reports.
Industry speculation suggests Chinese tech giant Tencent may be eyeing the stake. Tencent has repeatedly emerged as a potential buyer of Nexon since 2019, when Kim first put Nexon up for sale, though it has never formally joined the bidding process. The company also denied reports in June that it was considering acquiring a stake.
Talk of Tencent's interest is driven by its continued expansion into Korea's tech and entertainment sectors. The company is the second-largest shareholder in Kospi-listed game developers Shiftup and Netmarble, with stakes of approximately 34.8 percent and 17.5 percent, respectively.
Tencent also holds a 14 percent stake in Krafton and 4 percent in Kakao Games. Its influence extends beyond gaming, with its music subsidiary, Tencent Music, owning 9.7 percent of K-pop powerhouse SM Entertainment.
Meanwhile, both the ministry and Tencent declined to confirm whether the company is participating in the preliminary bidding.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
Hong Kong auteur Wong Kar-wai's first TV series 'Blossoms Shanghai' to air on SBS
Award-winning series to hit Korean TV, streaming services Studio S, the drama production arm of Seoul Broadcasting System, is bringing Hong Kong auteur Wong Kar-wai's first-ever television series 'Blossoms Shanghai' to South Korean audiences. The period drama will premiere Monday on SBS F!L UHD, with streaming availability beginning Tuesday on multiple streaming channels, including Tving, Watcha, Wavve, KT GenieTV, LG U+TV and SK Broadband Btv. 'Blossoms Shanghai' marks Wong's long-awaited series debut. Widely regarded as one of Asia's most influential filmmakers, Wong is known for acclaimed features such as "In the Mood for Love" (2000), "Chungking Express" (1994) and "Happy Together" (1997). Set in 1990s Shanghai, "Blossoms Shanghai" follows Ah Bao (Hu Ge), a young man from modest beginnings who rises to wealth amidst the city's rapid economic transformation. Based on Jin Yucheng's 2012 novel of the same name, which won China's prestigious Mao Dun Literature Prize, the project has been years in the making. Wong acquired the rights in 2014 and spent roughly seven years developing the series, with three additional years dedicated to production. 'Blossoms Shanghai' originally premiered in December 2023 on China's television channel CCTV-8 and China's streaming service Tencent Video. The series went on to earn the best creative award at the Asia Contents Awards held alongside the Busan International Film Festival in 2024.
Korea Herald
2 hours ago
- Korea Herald
Mayfield Hotel Seoul launches kimchi
Mayfield Hotel Seoul launched its first kimchi product, Bongraeheon Poggi Kimchi, based on the traditional recipes used by its signature Korean fine-dining restaurant, Bongraeheon. The product emphasizes a clean, deeply savory profile characteristic of Seoul kimchi, known for its mild balance of umami and a refreshing broth finish. All ingredients, including napa cabbage, radish, green onion, garlic, ginger, gochugaru (red pepper powder), and persimmon and pear purees, are sourced from Korea, the hotel said. The broth is a proprietary blend developed by the hotel using dried shrimp, anchovies, kelp and chili seeds. To enrich the depth of flavor, the recipe also incorporates three kinds of aged Korean fish sauces: fermented anchovy, shrimp and yellow croaker sauce. 'This kimchi is the result of careful refinement using Bongraeheon's authentic Korean recipes. This product reflects our dedication to preserving and promoting Korean culinary heritage to both domestic and global audiences," said Lee Sun-woo, head of marketing at Mayfield Hotel Seoul. A 4-kilogram container of Bongraeheon Poggi Kimchi is priced at 35,000 won ($25.63) and is available through both offline and major online platforms, including
Korea Herald
2 hours ago
- Korea Herald
Matcha goes mainstream with Gen Z and global stars
Brands launch new matcha products to ride the rapidly growing trend Once a niche drink favored by tea lovers, matcha is now at the center of a global frenzy. As social media influencers, celebrities and wellness enthusiasts have embraced powdered green tea for its health benefits and aesthetic appeal, demand has skyrocketed. Matcha, a finely ground powder made from specially grown green tea leaves, has become the beverage of choice for a new generation that prizes both clean living and visual flair. The vibrant green drink has been widely promoted by global stars like Blackpink's Jennie, who recently shared her homemade iced matcha routine on YouTube, and Hollywood figures such as Dua Lipa and Zendaya, who have been spotted sipping matcha drinks in Instagram posts. Matcha's appeal lies in its balance of energy and calm. Though it contains less caffeine than coffee — around 70mg per serving compared to coffee's 120mg— it offers longer-lasting, more stable stimulation. It is also believed to help reduce stress, making it especially attractive to wellness-conscious consumers. The surge in popularity has even spilled into internet culture, where matcha memes, aesthetic latte tutorials and unboxing videos of premium matcha powders have helped drive its visibility. Across TikTok and Instagram, matcha has become both a daily ritual and a content-ready accessory. In South Korea, brands have pivoted to meet consumer cravings. Starbucks Korea released a matcha twist on its seasonal choux cream latte this spring. The drink, along with its original version, sold over 2 million cups within two weeks of launch. Starbucks has also expanded its matcha lineup to include beverages like the Jeju matcha yogurt blended and matcha tiramisu latte. Lotte Wellfood, formerly Lotte Confectionery, has launched matcha-flavored ice creams under its popular brands World Cone, Sulleim and Tico to tap into the rising matcha trend among Generation Z consumers. Similarly, cafe franchise Paul Bassett has introduced new shaved ice desserts, including the Jeju matcha hallabong bingsu. Knotted, a Korean bakery and dessert cafe brand, has recently announced its 'Too Mucha Matcha' campaign, unveiling 11 new matcha-based items ranging from donuts and salted bread to drinks and bingsu, reflecting the matcha craze. According to market research firm The Business Research Company, the global matcha market will grow from $3.84 billion in 2024 to $4.24 billion in 2025, with an annual growth rate of 10.3 percent. By 2029, the industry is expected to reach $6.4 billion.
