[Edaily Reporter Lee So-hyun] The labor union of the domestic app store OneStore (Chairman Hwang Sun-ki) stated regarding the recent push by major shareholder #SK Square to sell its stake, “Regardless of the buyer, they must clearly present a fair valuation, a transparent transaction structure, and measures to ensure the app store’s neutrality.”

While blockchain game company #Nexthuss has been mentioned as a potential buyer, the union maintains that it is not opposed to any specific company, but rather is concerned about a fire-sale or rushed sale at a bargain price without confirmed terms.

On the 17th, the OneStore Labor Union stated in a written interview with Edaily, “There has been absolutely no official explanation to our members regarding whether the sale of OneStore is proceeding, the transaction structure, or the basis for the valuation.”

The previous afternoon, the union held a rally in front of SK Square’s headquarters in Jung-gu, Seoul, attended by about 100 members, demanding that SK Square and OneStore management disclose the basis for the sale price and measures to ensure the app market’s neutrality. The union emphasized that the rally was held during the evening commute to avoid disrupting service operations. Although OneStore did not originally have a union, it is reported that a union was formed recently following the sale controversy, with about half of the approximately 200 employees joining.

The union’s primary concern is a sale that lacks transparent procedures and verification of the app store’s neutrality. OneStore is a domestic app store created by the three major telecom companies and Naver to counter the monopoly of foreign app stores. The union pointed out that OneStore was valued at around 1 trillion won when it pursued an initial public offering (IPO) in 2022, stating, “Even considering changes in market conditions, an explanation is needed on how its status as a leading app store was reflected in the sale price.”

On the other hand, some in the industry argue that it is difficult to simply compare OneStore’s enterprise value to that at the time of its previous IPO attempt. OneStore had sought a listing on the KOSPI in May 2022 but withdrew its application due to lackluster interest. At the time, global monetary tightening, concerns about growth prospects in a market dominated by Google and Apple, and persistent losses hindered its progress.

OneStore, which has recorded cumulative transaction volume of 8 trillion won and 7.4 billion downloads over the past decade, announced an “all-in-one store” strategy centered on OneWebShop and mini-games at its 10th-anniversary press conference last April. The company set goals of turning a profit by 2027 and achieving 2 trillion won in transaction volume by 2030.

An industry insider pointed out, “The fact that the company has never turned a profit since its inception is a burden in the corporate valuation process.” Given the general decline in investment sentiment toward loss-making platform companies across the capital markets, analysts suggest that the ability to expand the business by securing new investors is a key variable. Accordingly, as SK Square is restructuring its portfolio to focus on semiconductors and AI, some interpret that a merger with Nexthuss—which operates in the gaming and blockchain sectors—could serve as a new breakthrough for One Store in terms of investment capacity and scalability.

However, the labor union made it clear that One Store is more than just a distribution channel; it serves as the gateway to the domestic mobile content ecosystem. Since it handles app reviews, payments, settlements, and developer data, the union argues that even if the operating entity changes, it must be verified that neutrality and reliability are maintained.

Regarding the rumors of Nexthuss’s acquisition, the union stated, “This is not opposition to a specific company; the key issue is whether OneStore can continue to operate as an independent and fair app market after the acquisition.” The union urged management to: △ officially explain the stages of the sale process and the transaction structure; △ disclose the basis for the valuation; △ explain the circumstances surrounding the acquisition negotiations; △ present measures to ensure the app market’s neutrality and protect developers and users; △ protection against the erosion of shareholder value for employees and executives.

The union plans to escalate its response if management fails to provide sufficient explanations. At the rally, Chairman Hwang Sun-ki stated, “OneStore is not an asset that can be disposed of based solely on the financial calculations of a specific shareholder; it is market infrastructure built collectively by the ecosystem,” adding, “We oppose a hasty sale without a fair valuation and verification of neutrality.”

Meanwhile, SK Square and Nexthuss maintained a cautious stance regarding the sale rumors. A Nexthuss official stated, “Nothing has been finalized,” while an SK Square official also said, “We are reviewing various measures to enhance OneStore’s corporate value, but no specific details have been finalized.”