Shift Up forged a fine reputation following the release of Stellar Blade last year. However, the South Korean studio is now under scrutiny and could be threatened with losing its independence.
In 2024, the company successfully floated on the stock market, with shares rising 49% on the first day. This was driven by the commercial success of Stellar Blade and Goddess of Victory: NIKKE. But now, investors and other observers are pointing to "the lack of transparency in its governance and its potentially risky relationship with Tencent".
At the moment, Hyung-Tae Kim, Shift Up’s CEO, holds 39% of the company’s capital, giving him significant decision-making power. However, Tencent is not far behind with 34.58% via its subsidiary Aceville. If the Chinese giant ever decides to increase its stake, the balance of power could change. Tencent is also responsible for publishing Shift Up’s mobile games worldwide. This represents a significant share of the developer’s revenues.
