Source Code Capital Portfolio Company ME2ZEN Debuts on South Korea's KOSDAQ

IPO celebration ceremony

On August 18 local time, Source Code Capital portfolio company ME2ZEN (Chinese name: Mingtu Zhen Technology Co., Ltd.) officially listed on South Korea's KOSDAQ, trading under ticker A950190. The IPO priced at 27,000 won per share (approximately $22.80), with 12,889,592 shares offered in the public listing. Shares opened at 29,100 won (approximately $24.57), giving the company a market capitalization exceeding 375 billion won (approximately $316 million).

In 2016, ME2ZEN was spun off from Zenjoy, a Source Code Capital portfolio company focused on mobile gaming, to begin independent operations.

From its founding, ME2ZEN demonstrated an acute ability to capture gamer demand, showing strong core competitiveness in game development and marketing operations. After subsequently being acquired and controlled by ME2ON, a listed Korean gaming company, Source Code Capital chose to maintain its stake in ME2ZEN, maintaining long-term conviction that the company would continue to innovate and break new ground in digital content, delivering more quality products.

Since its establishment in 2016, ME2ZEN has maintained rapid growth. With multiple hit apps, the company has amassed over 150 million users worldwide, with numerous products ranking among the top titles globally on the App Store and Google Play. It has become a leading global game development company with fast-growing business and widely popular products.

ME2ZEN's flagship casual mobile game series include the revenue-stable "Solitaire" franchise and the recently market-favored "Tripeaks" series, among others. Across its various franchises, ME2ZEN has launched over 35 individual titles. Its user base is centered on North America, while providing diverse gaming services to users worldwide.

Notably, the casual game Solitaire Tripeaks Journey surpassed 5 million downloads in less than a year since launch, quickly gaining traction across North American, European, and Asian markets — opening fresh perspectives for the company to expand its game genres and market breadth.

Historical operating results indicate that ME2ZEN is on a steep growth trajectory. In 2019, revenue exceeded HK$600 million, with operating profit approaching HK$300 million, representing year-over-year rapid growth. For the first half of 2020, revenue and operating profit reached HK$360 million and HK$160 million respectively.

From left: ME2ZEN Co-CEO Barry Lau, Source Code Capital's Di Yuan, ME2ZEN Co-CEO Zhiwei Lin, ME2ZEN Vice President Dapeng Dong

ME2ZEN Co-CEO Barry Lau said: "Centered on North America, ME2ZEN has been in the casual game development and operations business since 2012, accumulating rich experience and competitive advantages. The company will treat its KOSDAQ listing in Korea as a new breakthrough to strengthen our global competitiveness. We will continue to work tirelessly to earn the recognition of the market and our users."

Di Yuan of Source Code Capital said: "The global casual gaming market holds tremendous growth potential, but demands relatively high standards in R&D and operations, while facing competition and challenges from diverse user expectations. Through years of business accumulation, ME2ZEN has built competitive advantages in relevant categories and regional markets, achieved rapid growth, and cultivated strong user word-of-mouth. As an early investor, Source Code Capital is honored to have accompanied ME2ZEN's growth journey, and looks forward to the company using this IPO as a starting point to serve global users with more great products."

Congratulations once again to ME2ZEN on its successful listing!

We also wish Ma Hui and all entrepreneurs the very best — Source Code Capital will continue to stand with you in creating lasting, real value.

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