Namkoong Whon, CEO of Aiz Entertainment, announced on the 11st that he had purchased a 1% stake in KOSDAQ-listed game developer Wemade Play on the open market. He cited the excessive undervaluation of the KOSDAQ market, particularly gaming stocks, as his reason.

Namkoong wrote on his social media that day, "I purchased a 1% stake in Wemade Play on the market because I believe the KOSDAQ market is currently being overlooked, and gaming stocks in particular are being neglected even more." He did not disclose the timing of the purchase, the unit price, or whether the shares were bought under his personal name or a corporate entity.

He added, "I am a 'clumsy investor' who previously announced I would buy Joycity shares and actually did so, only to see them drop 26% to date. I strongly advise against following my lead and investing based on my actions."

Nevertheless, he noted that he still enjoys playing 'Imjin War: Counterattack of Joseon,' a game serviced by Joycity, and added, "I believe the Korean gaming industry will soon move past this slump and leap forward once again."

A 1% stake falls below the threshold for the '5% rule,' which requires reporting of major shareholdings. As Namkoong is neither an executive nor a major shareholder of Wemade Play, this purchase is not subject to electronic disclosure. Based on the day's closing price, a 1% stake amounts to approximately 104k shares, or roughly ₩700 million. While Wemade Play's stock price closed at ₩6,790, up 8.47% (₩530) from the previous trading day, it is difficult to directly link the rise to his purchase as the timing of his acquisition was not disclosed.

Wemade Play is known for its 'Anipang' series, but its earnings are primarily supported by the overseas social casino business of its subsidiary, Playlinks. Last year, the company reported consolidated revenue of ₩125.3 billion and an operating profit of ₩10.7 billion, a more than tenfold increase in operating profit year-over-year. Despite this, the stock price remains at one-fifth of its December 2021 peak of ₩40900.

The largest shareholder is Wemade, which holds a 37.50% stake. Wemade founder and Chairman Park Kwan-ho has signed a contract to sell his 39.33% stake to the investment platform Neopulse for ₩920 billion; the largest shareholder will change after the final payment is completed at the end of October. Wemade Play is also subject to this governance structure.

Namkoong is a first-generation gaming entrepreneur who co-founded Hangame with Kakao founder Kim Beom-su. After serving as CEO of CJ Internet (now Netmarble) and Wemade, he founded the game publishing company Engine. When Engine was acquired by Kakao, he went on to lead Kakao Games and Kakao. He currently leads Aiz Entertainment, an AI content company he founded in 2023, and is also the founder of the Gamein Foundation.

Buying shares in response to a sluggish stock price is not uncommon in the gaming industry. In June, NDREAM, the largest shareholder of Joycity, announced it would acquire an additional 1% stake on the open market to enhance shareholder value. However, it is rare for an industry figure with no equity relationship with a company to publicly purchase a specific gaming stock.