What Happened?
According to a report by Bloomberg, Tencent has approached the family of Kim Jung-ju, the late founder of South Korean gaming giant Nexon, to discuss a potential acquisition. However, the complex shareholding structure of the Kim family, which also involves stakes held by the South Korean government, adds uncertainty to the transaction.
Currently, it is unclear whether NXC is willing to sell its stake in Nexon, nor can it be confirmed whether Tencent has made an acquisition offer. The transaction structure is still under consideration, and both parties have declined to comment on the matter.
Nexon is set to launch the blockchain game “MapleStory N” in 2025, allowing players to own virtual assets through NFTs, reflecting its proactive shift towards Web3. If Tencent successfully acquires Nexon, it is expected to enhance the company’s content layout in the blockchain gaming sector.
Tencent Plans to Acquire South Korean Gaming Giant Nexon
According to Bloomberg, Chinese tech company Tencent has initiated contact with the family of Kim Jung-ju, the late founder of South Korean gaming giant Nexon, to discuss the possibility of an acquisition, thereby strengthening its global gaming market presence. This is not the first time Tencent has expressed interest in Nexon. Back in 2019, Tencent participated in the bidding for Nexon’s controlling stake, which attracted attention from international private equity firms like KKR and Hillhouse, but ultimately fell through due to price disagreements. Now, following Kim Jung-ju’s death in 2022, changes in the shareholding structure of NXC Corp, Nexon’s holding parent company, have introduced new variables into the potential merger.
Founded in 1994, Nexon is known for its classic game “MapleStory” and is one of the first companies in Asia to invest in massively multiplayer online role-playing games. Although Nexon is a South Korean company, it chose to list on the Tokyo Stock Exchange in 2011, currently boasting a market capitalization of approximately $15 billion.
Following Kim Jung-ju’s passing in 2022, the Kim family transferred part of their NXC shares to the South Korean government in 2023 to pay estate taxes. Kim Jung-ju’s wife and two daughters inherited his shares in NXC. Additionally, they sold NXC’s treasury shares back to NXC Corporation in August 2023 for 650 billion KRW (approximately $478 million), liquidating the stock.
According to local media reports, the South Korean government later attempted to sell its NXC shares but was unable to find a buyer. Nexon’s latest financial report indicates that NXC and its subsidiary NXMH BV collectively hold a 44.4% stake in Nexon, while Kim Jung-ju’s wife and two daughters together hold nearly 67.6% of NXC shares, representing that the Kim family still maintains control over Nexon. International media reports that it remains unclear whether NXC is willing to sell its stake in Nexon, nor can it be confirmed whether Tencent has made an acquisition offer. The transaction structure is still being discussed, and both parties have declined to comment on the matter.
Nexon Embraces Blockchain, Tencent Has Opportunity to Expand Content Portfolio?
In May 2025, Nexon’s subsidiary Nexpace officially launched the “blockchain version” of “MapleStory N,” integrating blockchain technology that allows players to own in-game assets through NFTs, making “MapleStory” one of the traditional major IPs entering the Web3 space.
According to a report released by analytics platform DappRadar in early 2025, the activity in blockchain gaming saw a year-on-year increase of 368% in January 2025, with new generation titles like “Off The Grid” and “MapleStory N” viewed as key drivers of this wave. However, the report also pointed out that starting from the latter part of the first quarter of 2025, the overall number of active wallets in Web3 gaming experienced a decline of about 10%, reflecting that while users are interested in new forms of gaming, the popularity is still limited by technological barriers and resistance from traditional gaming communities.
Unlike early Web3 games that primarily focused on “Play-to-Earn,” Nexon has chosen to start with high-quality content, retaining a complete gaming experience while introducing a token mechanism, which is seen as an attempt to mitigate the negative perception of “blockchain as a mere speculation tool.” For a group like Tencent, which holds vast gaming resources and actively expands overseas, such an initiative aligns well with its development direction.
In fact, Tencent has been continuously expanding its investment footprint in gaming IPs over the past few years, including investing $1.3 billion in a new division of Ubisoft to acquire partial rights to well-known IPs like “Assassin’s Creed.” Moreover, Nexon and Tencent already have a history of business collaboration, with their jointly developed “Dungeon & Fighter” contributing significant revenue to both parties over the years. In the future, if Tencent has the opportunity to acquire Nexon’s core IP and new technologies, its dominance in the gaming market is expected to increase significantly.
Source: Bloomberg, Cointelegraph