[Edaily Reporter Ahn Yu-ri] #Wemade's minority shareholders visited the company's headquarters to demand proactive shareholder returns in response to the recent prolonged slump in the stock price. The shareholders urged the company to repurchase and cancel at least 3% of its own shares and to limit executive compensation.

According to the gaming industry on the 8th, Wemade’s minority shareholders visited the company’s headquarters in Seongnam, Gyeonggi Province, on the 2nd and officially presented a “12-point list of demands” to the company. It is reported that representatives of the minority shareholders visited the company in person that day, met with Wemade executives, and conveyed their demands.

The demands presented by the shareholders specifically included the purchase and cancellation of at least 3% of the company’s shares, the disclosure of the development status of the new title “Night Crows Frontier,” and restrictions on increases in executive salaries and bonuses through 2027. The demands also included requests for the company to hold meetings and “Ask Me Anything” (AMA) sessions to allow direct communication with management and share the current state and future direction of the business.

Previously, on March 24, Wemade announced in a disclosure regarding its corporate value enhancement plan that it would allocate 10 billion won in cash dividends or 20% of consolidated operating profit as funds for shareholder returns. However, shareholders maintain that more proactive shareholder return measures, such as the cancellation of treasury shares, are necessary.

One shareholder, who requested anonymity, stated, “Wemade shareholders are currently suffering massive losses due to a stock price decline that has persisted for nearly five years,” adding, “The proportion of investors at a loss is effectively 100%, and the average purchase price is around 90,000 won, which is significantly higher than the current stock price.”

Wemade’s stock price closed at 17,150 won on that day. Compared to a year ago, it has fallen by 45.98%, and compared to five years ago, it has fallen by 39.40%.

A Wemade official said, “We are carefully reviewing all the issues raised by our shareholders,” but added, “Since we need to discuss these matters with our shareholders, it is difficult for us to comment on the feasibility of the proposals at this time.”

Wemade also faced a storm of criticism from minority shareholders at its regular shareholders’ meeting last March. At that time, CEO Park Kwan-ho personally sought to appease shareholders by holding an impromptu meeting for about an hour and 20 minutes after the meeting concluded.

CEO Park stated at the time, “We achieved a profit last year, and the scale of our profit will expand further this year,” adding, “We are implementing cost efficiency measures and will enhance our competitiveness through innovative game development utilizing artificial intelligence (AI).”

Amid the recent rally in semiconductor and AI stocks, the gaming sector as a whole is underperforming due to a slowdown in the gaming market. With mid-sized game companies in particular experiencing continued stock price slumps, calls for aggressive shareholder return policies are growing louder, prompting companies to roll out measures such as share buybacks and cancellations, as well as increased dividends.

#Webzen announced a shareholder return policy worth approximately 90 billion won this year in March, which amounts to about 20% of its market capitalization. #Com2uS decided in January to cancel treasury shares equivalent to 5.1% of its issued shares and pay a cash dividend of 14.8 billion won. #Neowiz has established a mid-to-long-term shareholder return policy for the three-year period from 2025 to 2027, based on the principle of “returning 20% of consolidated operating profit,” combining a minimum of 10 billion won in returns, share buybacks, cancellations, and dividends.