South Korean game developer Shift Up, known for hits like Stellar Blade and Goddess of Victory: NIKKE, is currently facing growing unease from investors. The reason? Concerns that Tencent, the Chinese tech giant, may soon have controlling influence over the studio.
The company, which went public last year, has soared in global recognition thanks to Stellar Blade’s commercial success. But as the company’s financial structure becomes clearer, so does the looming shadow of Tencent’s ownership. Tencent’s subsidiary, Aceville, already holds 34.58% of Shift Up’s shares—only slightly behind founder and CEO Kim Hyung-Tae, who holds 39%.
That narrow 4.42% gap? It’s what’s setting off alarm bells.
What’s at Stake for Shift Up?
Investors are voicing concerns that if Tencent slightly increases its stake, it could gain majority control over the studio. And given that Tencent also distributes Shift Up’s mobile titles globally, the overlap between ownership and business operations is substantial.
This dual dependency—both financial and logistical—puts Shift Up in a vulnerable position. Not only does a sizable chunk of its revenue come from Tencent’s distribution channels, but its corporate direction could also shift if Tencent tightens its grip.
The unease is compounded by Shift Up’s transparency index, which was reported to be only 33.3%, half the average of other listed companies. This number points to weaknesses in governance, shareholder rights, and internal audits—issues that shareholders say must be addressed urgently.
Despite Concerns, Shift Up Remains a Gaming Powerhouse
On the upside, Stellar Blade remains a commercial triumph. The recent PC release of the game has outpaced Ghost of Tsushima in concurrent player numbers, cementing Shift Up’s position in AAA development. The studio is also working on a new title, Project Spirits, signaling that the creative fire is still burning strong.
Moreover, new DLC content for Stellar Blade keeps the community buzzing. The upcoming expansion introduces new boss fights, including a showdown with Scarlet and Mann, unlocking exclusive outfits for protagonist Eve. Hardcore fans? Get ready for brutal battles and stylish rewards!
