Source: Wemade

Wemade (CEO Park Kwan-ho) has concluded its long-standing dispute with China's Kingnet (Shanghai Kaiying Network Technology) over unpaid royalties for the 'Legend of Mir 2' IP through a settlement agreement. Wemade has received approximately ₩43 billion (198.65 million RMB) from Kingnet as part of the settlement.

The dispute began when Kingnet's subsidiary, Zhejiang Huanyou, failed to pay royalties for 'Namwoljeongi,' a game based on the 'Legend of Mir 2' IP that it has been operating in China since 2016. Wemade successfully asserted its rights as the original copyright holder through international arbitration and Chinese court proceedings, securing a ruling that held Kingnet liable for the unpaid royalties. Since then, the company has been pursuing enforcement procedures to collect the damages.

To mitigate risks associated with the prolonged dispute and to stabilize its 'Legend of Mir 2' IP business, Wemade entered into a settlement agreement with Kingnet to withdraw all ongoing arbitration and litigation proceedings related to 'Namwoljeongi' in South Korea, China, and Singapore in exchange for the settlement payment.

Separately, on March 21 of this year, the International Court of Arbitration of the International Chamber of Commerce (ICC) dismissed all claims filed by Zhejiang Huanyou in 2023, which had sought to invalidate the license agreement and claim damages against Wemade. This ruling has once again reaffirmed Wemade's status and legitimate rights as the original copyright holder of 'Legend of Mir 2.'

A Wemade representative stated, "This settlement is a significant case that demonstrates our commitment to holding parties accountable for illegal copyright infringement and upholding the rights of original copyright holders. We will continue to actively protect our key intellectual property, including 'Legend of Mir 2,' and further enhance its value."