传腾讯再拟收购韩国游戏巨头Nexon，作价150亿美元

Core Viewpoint - Tencent Holdings Ltd. is evaluating the possibility of acquiring a controlling stake in South Korean gaming company Nexon Co., having engaged in discussions with the family of the late founder Kim Jung-ju [1][12]. Group 1: Company Overview - Nexon, founded in 1994, is one of the earliest companies to commercialize online gaming in South Korea, with notable titles including "MapleStory," "Bubble Fighter," and "Dungeon & Fighter" [1]. - As of June 2024, NXC and its affiliate NXMH BV hold approximately 44.4% of Nexon, while the Kim Jung-ju family directly controls about 67.6% of NXC [1]. Group 2: Market Performance - Nexon went public on the Tokyo Stock Exchange in 2011, reaching a market capitalization of over $20 billion at one point. As of June 2025, its market cap is approximately $15 billion, reflecting a nearly 30% decline from its peak in 2021, although it has increased by over 10% since the beginning of this year [2]. Group 3: Strategic Importance - If the acquisition is successful, it would represent Tencent's most strategically significant move in the Asian gaming industry in recent years [5]. - Tencent has a long-standing cooperative history with Nexon, with "Dungeon & Fighter" being a significant revenue source for Tencent's gaming business. The successful performance of Nexon's single-player ARPG "Kazan," based on the DNF IP, further underscores the potential for business synergy [9]. Group 4: Historical Context - This is not Tencent's first interest in acquiring Nexon; in 2019, there were plans for a potential acquisition, but they fell through due to significant valuation disagreements [6]. - Following the death of Kim Jung-ju in 2022, his family transferred some NXC shares to the South Korean government to pay high inheritance taxes and sold some treasury shares in 2023. The government attempted to sell its NXC shares but could not find a buyer [8]. Group 5: Broader Investment Strategy - Since 2025, Tencent has been actively increasing its investments in overseas entertainment assets. In May of this year, Tencent Music Entertainment Group acquired nearly 10% of South Korean entertainment company SM Entertainment [10]. - The acceleration of Tencent's investments in South Korea aligns with the ongoing recovery and deepening of cultural exchanges between China and South Korea [10].