Konig Glory, Joyfriend Participate in 5 Billion Capital Increase... "Aiming for 100 Billion KRW in Game Business Revenue This Year"

[Asia Economy Reporter Yoo Hyun-seok] Konic Glory's largest shareholder participated in a paid-in capital increase worth 5 billion KRW with a voluntary lock-up period of 3 years.

Konic Glory announced on the 25th through a disclosure that its largest shareholder, Joy Friends (PTE. LTD), participated in a third-party allotment paid-in capital increase worth 5 billion KRW. The payment date is scheduled for the 7th of next month, and the new shares will be listed on the 30th of the same month. Through this capital increase participation, Joy Friends will be allocated approximately 2.58 million new shares, increasing the largest shareholder's holdings from the existing 5.57 million shares to about 8.15 million shares.

Mujoy (妙聚, Mujoy), a special related party of Joy Friends, is a game and entertainment company established in Hangzhou, China in 2013. State-owned enterprises such as China Merchants Bank and Hunan Satellite TV hold about 48% of its shares. The company operates in gaming, game media, and internet advertising businesses. Its representative work includes "Yeolhyeol Samguk," which recorded global sales exceeding 100 million USD. Mujoy secured management rights of Konic Glory last year, becoming the largest shareholder, and is currently promoting expansion of the gaming business including launching new global games.

Konic Glory changed its company name to Neorigin through the recent extraordinary general meeting of shareholders and is embarking on a full-scale gaming business. To this end, it added gaming business to its articles of incorporation and plans to launch 2 to 3 new games within this year.

The success of the newly launched game "Goddess War," officially opened this year in Korea and Japan, bodes well for subsequent game launches. Goddess War is rising in rankings in the paid games category on both the Apple and Google stores. It ranked within the top 100 in paid sales on both major stores and climbed to within the top 50 in paid sales rankings on the App Store.

Konic Glory expects sales of 45 billion KRW from Goddess War in Korea and Japan this year and aims for 100 billion KRW in sales from its gaming business segment within the year.