The funding structure behind Neopulse, which agreed to acquire a stake in Wemade (112040) held by Chairman Park Kwan-ho for approximately 9.2 trillion won, remains unclear. Neopulse paid a deposit of 92 billion won but still needs to secure the remaining balance of 8.28 trillion won by October. As a newly established corporation with capital of 9 billion won and assets of 24.8 billion won, the actual funders—such as its Hong Kong-based parent company or Chinese investors—remain undisclosed.
The Electronic Times visited Neopulse's registered address in Seoul's Gangseo-gu and found it was a shared office on the second floor of a commercial building. The first floor housed a beauty salon and a pub, while the third and fourth floors were used as residential spaces. Neopulse is a non-resident tenant at this shared office, meaning it only uses the address for business registration without operating there.
However, non-resident offices are commonly used by overseas companies or special-purpose acquisition entities, making it difficult to assess the company's operational substance or financial capacity based solely on its office setup.
The fundamental question is how Neopulse can explain an acquisition structure worth 9.2 trillion won based on publicly available information. According to the Financial Supervisory Service's electronic disclosure system, Neopulse's total assets and equity as of the end of 2025 were 24.819 billion won, respectively. Its revenue, net profit, and liabilities were all zero, with capital standing at 9 billion won.
The already paid deposit of 92 billion won exceeds approximately 3.7 times the total assets, while the remaining balance of 828 billion won surpasses 33 times. While it is common for newly established special purpose corporations (SPCs) in mergers and acquisitions to secure funds through external investments and borrowing, Neopulse has not yet disclosed specific investors, financial institutions, or funding methods.
Shengsong Investment, a Hong Kong-based entity holding 100% of Neopulse's shares, also has limited public information regarding its asset size, investment track record, or ultimate beneficiaries, making it difficult to assess its financial capacity. It remains unverified whether Shengsong Investment will supply additional capital through equity injections or loans, whether Chinese gaming/IT companies will participate as strategic investors, or if financial institution borrowing will be utilized.
Wemade introduced Neopulse as an investment platform with close ties to major Chinese gaming and IT companies, including Alibaba. However, no direct equity relationship between Neopulse, Shengsong Investment, and Alibaba has been confirmed through public disclosures. There is also no public information indicating that Alibaba is investing in or providing payment guarantees for this transaction.
While Neopulse's CEO Chen Yue is known to have personal and business connections with Alibaba, this does not equate to direct capital involvement from Alibaba. Neither Chinese local media nor Alibaba's official channels have confirmed this transaction as an Alibaba investment to date.
Ultimately, the key to determining the transaction's completion lies in whether the remaining 828 billion won balance is paid by the scheduled date of October 30.
A gaming industry insider familiar with Wemade's affairs stated, “Chairman Park Kwan-ho faced significant difficulties in the past due to delayed payments and contract fulfillment issues during Chinese business ventures,” adding, “The critical factor here is not the contract signing itself but whether the 828 billion won balance is paid as scheduled in October.”
