NEXUS CEO Jang Hyun-guk: How the Business Structure Has Changed After the ONE Store Acquisition and the Key Risks
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This article is based on the latest reports and official materials available as of 2026-07-31 Korea Standard Time.
As of 2026-07-31, Jang Hyun-guk is the CEO of KOSDAQ-listed NEXUS. NEXUS acquired a 89.03% stake in ONE Store for approximately KRW 62,600,000,000 on June. The key issues to watch are whether ONE Store can turn profitable and the increased financial burden resulting from the capital increase and convertible bond issuance.
The reason CEO Jang Hyun-guk has recently attracted renewed attention goes beyond the acquisition of ONE Store itself.
He has outlined a plan to transform NEXUS from a game developer into a platform company combining AI, blockchain, and game distribution. Following the completion of the ONE Store acquisition, he also presented specific profitability targets.
However, it is important to distinguish the company's stated vision from its already verified financial results.
Who Is NEXUS CEO Jang Hyun-guk?
Jang Hyun-guk is an executive who previously led the WEMIX blockchain gaming platform business at Wemade. He subsequently became involved in the management of Action Square, which changed its corporate name to NEXUS in 2025.
NEXUS is listed on KOSDAQ under stock code 205500.
NEXUS's current business activities can be divided into three main areas.
Game development and publishing
Blockchain-based gaming platforms
AI-powered game production, distribution, and operation services
Jang's stated direction is to transform NEXUS from a conventional mobile game developer into a platform company connecting the entire process of creating, distributing, and monetizing games.
Why Is Jang Hyun-guk Attracting Renewed Search Interest?
The biggest catalyst is the ONE Store acquisition. On 2026-06-29, NEXUS acquired 2,024 million 7,990 shares of ONE Store, securing a 89.03% ownership stake and management control.
The acquisition price was 626 billion KRW 27,030,000.
Jang subsequently announced plans to transform ONE Store from a simple app download marketplace into a platform offering game discovery, communities, payments, and blockchain functionality.
In simpler terms, the vision is to create a 'Steam for mobile games.'
Just as Steam connects game sales with user reviews, communities, updates, and payments in the PC gaming market, the idea is to expand ONE Store into a comprehensive mobile gaming platform.
How Did NEXUS Finance the KRW 62,600,000,000 ONE Store Acquisition?
NEXUS financed most of the ONE Store acquisition through a private placement capital increase involving 3 parties and the issuance of convertible bonds.
| Category | Amount or Quantity | What It Means |
|---|---|---|
| ONE Store acquisition price | KRW 62,627,030,000 | Acquisition of a 89.03% stake |
| Private placement capital increase involving 3 parties | Approximately KRW 39,495,110,000 | Participation by SK Square, Naver, and Krafton |
| Convertible bond issuance | KRW 21,200,000,000 | Potential conversion into shares later |
| Total external financing | Approximately KRW 60,695,110,000 | Most of the acquisition price financed externally |
| Simple difference | Approximately KRW 1,931,920,000 | Author's calculation |
Author's calculations
External financing: KRW 39,495,110,000 + KRW 21,200,000,000
External financing ratio: Approximately KRW 60,695,110,000 ÷ KRW 62,627,030,000
Calculated result: Approximately 96.9%
Difference between the acquisition price and external financing: Approximately KRW 1,931,920,000
In other words, NEXUS raised an amount equivalent to approximately 96.9% of the ONE Store acquisition price through the capital increase and convertible bond issuance.
This is also why some media outlets have described the transaction as a 'zero-capital M&A.'
However, 'zero-capital M&A' is neither the official disclosure classification nor a legal determination regarding this transaction. Rather than concluding that no company funds were used at all, it is more accurate to understand the expression as referring to the exceptionally high proportion of external financing.
How Much Did the Capital Increase Change Existing Shareholders' Ownership?
The ONE Store acquisition involved the issuance of 1,717 million 1,788 new shares. At the time the capital increase was approved, the company had 6,411 million 2,099 existing shares outstanding.
Author's calculations
New shares ÷ Existing shares outstanding
17,171,788 shares ÷ 64,112,099 shares
Approximately 26.8%
The number of new shares represents approximately 26.8% of the shares outstanding before the capital increase.
Simply adding the two figures, the newly issued shares account for approximately 21.1% of total shares after the capital increase. Assuming all other conditions remain unchanged, existing shareholders' combined ownership falls to approximately 78.9%.
However, these figures should not be interpreted directly as the percentage decline in the stock price or an individual investor's loss.
Actual shareholder value will depend on the revenue and earnings ONE Store generates, whether convertible bonds are converted into shares, additional financing, and the timing of lock-up expirations. Some of the newly issued shares are subject to a 1-year lock-up period, meaning they will not all become available for immediate sale in the market.
Is Jang Hyun-guk Currently NEXUS's Largest Shareholder?
According to information disclosed on 2026-07-15, Jang directly held 596 million 8,762 shares, representing a 7.33% ownership stake.
On the same day, Jang purchased an additional 16 million 1,765 NEXUS shares on the open market. The disclosed average acquisition price was KRW 1,858 per share, with a total purchase amount of approximately KRW 300,000,000.
However, reports concerning Jang's status as the largest shareholder must distinguish between his directly owned shares and his call options.
Jang exercised his right to purchase 541 million 590 NEXUS shares held by Linked. The disclosure lists 2026-12-31 as the scheduled payment date for the transaction.
Therefore, his currently confirmed direct ownership percentage is not the same as the level of control he may hold after the call option transaction is fully completed.
Three factors should be considered when determining whether he is the largest shareholder.
Shares directly held by Jang Hyun-guk personally
Related parties and joint ownership arrangements
Whether the call option shares have actually been transferred and payment has been completed
The fact that a call option has been exercised does not necessarily mean that every step of the share transfer process has already been completed.
Why Did SK Square and Naver Become NEXUS Shareholders?
SK Square, Naver, and Krafton sold their ONE Store shares to NEXUS while simultaneously participating in NEXUS's private placement capital increase involving 3 parties.
In simple terms, they transferred their ONE Store shares and received newly issued NEXUS shares, allowing them to remain strategic investors in NEXUS.
The major shareholdings confirmed as of mid-July 2026 are as follows.
| Shareholder | Shares Held | Ownership Stake |
|---|---|---|
| SK Square | 1,211 million 1,300 shares | 14.88% |
| CEO Jang Hyun-guk | 596 million 8,762 shares | 7.33% |
| Naver | 464 million 1,230 shares | 5.70% |
This structure means that ONE Store's former shareholders have not completely severed their relationship with NEXUS. Instead, they continue to participate in its potential future growth.
Conversely, while NEXUS has secured new strategic investors, it has also taken on the burden of a substantially increased number of shares outstanding.
What Does Jang Hyun-guk Mean by 'Steam for Mobile Games'?
The core of Jang's strategy is to strengthen game distribution and discovery rather than focus primarily on game production.
The underlying assumption is that advances in AI will enable even small developers to create games quickly, while attracting users, connecting payment systems, and managing communities will remain difficult.
NEXUS aims to connect the following functions through ONE Store.
1. Mobile game registration and distribution
2. AI-powered game recommendations and search
3. User communities for individual games
4. Conventional payments and various digital payment methods
5. Integration of blockchain wallets and gaming tokens
6. Overseas distribution of Korean games and domestic and international distribution of foreign games
A global version of ONE Store was also unveiled on 2026-07-23.
Jang has presented a long-term goal of making NEXUS a global leader in AI and blockchain gaming platforms. This is a management objective announced by the company, not a statement about its current market share or financial performance.
Will CROSS Be Renamed OneChain?
Alongside the ONE Store acquisition announcement, NEXUS unveiled a brand integration plan to rename its CROSS blockchain mainnet OneChain and its native CROSS token ONE.
However, the announced plan must be distinguished from actual implementation across services.
Wallets, exchanges, games, developer tools, and token names on exchanges will not necessarily change simultaneously. Users should separately check announcements for each service, exchange support, token conversion procedures, and implementation schedules.
Until official announcements are released, it is not possible to conclude whether existing tokens will be converted automatically, whether a separate swap will be required, or whether schedules will differ by exchange.
Have NEXUS's Financial Results Actually Improved?
For 2025, NEXUS reported consolidated revenue of approximately KRW 36,700,000,000 and operating profit of approximately KRW 900,000,000, marking a return to operating profitability.
This can be interpreted as the result of expanding its revenue sources beyond its previous heavy reliance on in-house game development to include blockchain platform development, related services, and game onboarding activities.
The company also announced preliminary revenue of approximately KRW 11,600,000,000 for the 1 quarter of 2026.
However, operating profitability alone does not resolve every financial issue
※ This article is provided for informational purposes to help readers understand market developments and does not constitute an investment recommendation for any particular stock or asset. Readers are responsible for their own final decisions and investment outcomes.
이 포스팅은 쿠팡 파트너스 활동의 일환으로, 이에 따른 일정액의 수수료를 제공받습니다.