By Kwanwoo Jun


Netmarble Corp.'s shares climbed Thursday morning after it secured a new publishing license in China, the world's largest gaming market.

Shares of the South Korean videogame company rose as much as 13% to 66,100 won ($50.70) in early trade, putting the stock on course for its strongest daily percentage gain in nearly three months and outperforming the benchmark Kospi's 0.5% gain

The rally came a day after China's main videogame regulator, the National Press and Publication Administration, approved 27 new imported games, including Netmarble's "Seven Deadly Sins" and four other South Korean titles.

Citigroup analysts John Yu and Alicia Yap said in a research note Tuesday that they remained upbeat on Netmarble's prospects, having won China's approval for a second time in three months.

The South Korean firm in December 2022 received a publishing license for four of its games, including "Ni no Kuni: Cross Worlds," from the Chinese regulator.

Citi maintained its buy rating and KRW78,000 target on the stock, citing an expected profit turnaround for Netmarble in the second half of 2023.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

03-20-23 2320ET