[Alpha Biz=(Chicago) Reporter Paul Lee] Wemade sold its entire stake in game developer "Shift Up" to its Tencent subsidiary, earning more than eight times the return on investment. Simple market profit is worth 70 billion won.

Wemade announced on the 24th that it disposed of 2,086,080 shift-up shares for 79.9851 billion won. The counterparty is Tencent subsidiary Aceville PTE and one other. The purpose of disposal is the return on investment funds.

Previously, Wemade acquired a 4.3% stake in Shiftup in 2018 for 10 billion won. The disposal of the stake resulted in a market profit of about 70 billion won in about five years.

Shift-up has produced hit films such as 'Destiny Child' and 'Goddess of Victory: Nikke'. With the worldwide popularity of Goddess of Victory: Nikke, which was released in August last year, Shiftup posted a record high of 65.3 billion won in sales and 22.2 billion won in operating profit last year.

This is not the first time WeMade has recovered its investment. Previously, Wemade sold part of its stake in Lion Heart Studio, which developed Odin, in June last year, earning more than 20 times the return on investment.

A Wemade official said, "The role of Wemade investment is to help us succeed, and we decided to sell our stake because we did our part."

 

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