On the evening of September 12th, Kaiying Network (002517. SZ) disclosed an announcement regarding the company's intention to indirectly invest in South Korean company Wemade Co., Ltd. The announcement shows that based on strategic planning and business development needs, the company plans to indirectly participate in the Korean listed company Wemade (Yumade) with its own and self raised funds, further deepening its capital binding with the original rights holder of Legendary IP, Yumade, and promoting Legendary IP to move towards a new industrial pattern.

The announcement states that Kaiying Network plans to acquire Neosphere Co. through its wholly-owned Hong Kong subsidiary Cypress Technology HK Limited, Limited (hereinafter referred to as "Neosphere") holds a 49% stake, and NeoPulse, an indirectly wholly-owned subsidiary of Neosphere, is the entity that previously announced its intention to acquire 39.33% of Yumei's shares and become its new largest shareholder. If the transaction is successfully completed, Kaiying Network will further narrow the distance with the source entity of the legendary IP, and fill the key capital sector for the closed-loop of the legendary IP ecosystem.

As a game company that has been deeply involved in the legendary industry for many years in China, Kaiying Network's capital layout in the legendary industry chain has long been traceable. From early business cooperation with Century Huatong, to upgrading from purchasing Century Huatong stocks to equity cooperation, and finally to February 2026, Shanghai Kaiying, a wholly-owned subsidiary of Kaiying Network, signed a "Settlement Agreement" with Legendary IP Co., Ltd. to settle the long-standing arbitration dispute. Unlike the common confrontational rights protection in the industry, Kaiying Network chooses to seek win-win situations through reconciliation, which also builds a trust foundation for further capital cooperation in the future.

The equity change of South Korean Yume has become an important external opportunity for this equity investment. On June 30th, Yumide announced that founder Park Kuan ho will transfer his 39.33% stake to NeoPulse, which will soon become Yumide's largest shareholder. The change of ownership brings a window for industrial restructuring, and Kaiying Network is taking advantage of this opportunity to promote indirect equity participation in Yumeide, elevating cooperation from the business level to the capital level and further achieving role transition.

Since the introduction of "Legend of Mir" in China in 2001, the huge success of the legendary IP in the domestic market has also ushered in a golden age of online gaming in China. After entering the mobile Internet era, the Legends series of games moved towards mobility, and for a long time occupied the top of the best seller list, with the highest monthly flow of nearly 700 million, becoming one of the most successful mobile games of the year. In 2020, with the continuous maturity of new technologies, the gaming experience of the Legend series has developed to a deeper level. After more than 20 years of accumulation, Legendary IP has developed from a single gaming IP to a gaming category IP, constantly enriching its content and giving birth to hundreds of upstream and downstream enterprises, forming a unique "Legendary Ecosystem".Gamma data shows that the market size of legendary IP will reach 35.55 billion yuan by 2025, and will remain stable at over 30 billion yuan for many years; By the end of 2025, IP has created a cumulative value of over 370 billion yuan, and institutions predict that the market size is expected to exceed 40 billion yuan by 2026, still possessing enormous potential.

The other side of a high market size is the compliance risk brought by multi head authorization. The lack of unified control over copyright sources continues to hinder the standardized development and value release of the legendary industry. This capital cooperation is conducive to improving authorization chaos from the root, achieving overall control over authorized entities, product content, and operational behavior, effectively protecting the rights and interests of players and legitimate manufacturers, and laying a solid institutional foundation for the closed-loop of the legendary IP ecosystem.

Specifically, on a financial level, Kaiying Network's ample cash flow provides a bottom line for this strategic investment. The company achieved a net profit attributable to the parent company of 1.428 billion yuan in the first half of 2026, a year-on-year increase of 50.34%. As of June 30, 2026, the company's monetary funds were 4.692 billion yuan, indicating a stable operating condition and sufficient monetary funds, with financial strength to support strategic investments. The growth of the main business is sufficient to cover strategic investment, and the implementation of medium - and long-term collaborative businesses will provide positive support for profitability.

It is worth mentioning that this participation in overseas listed companies is also exercising Kaiying Network's cross-border capital operation capabilities. The company will accumulate practical experience in shareholder governance and cross-border equity investment of overseas listed companies, enhance its role positioning in the entire industry chain of Legend, and establish cooperation models for future docking with more overseas IP resources.

For Kaiying Network, investing in Yumeide is not an isolated financial investment, but a key step in laying out the ecological loop. After resolving historical copyright disputes, the industry is waiting for a more standardized legendary market.