DRX plans to list on the Singapore Exchange, a first for Korean esports
DRX 计画在新加坡交易所上市，将成为韩国电竞史上的首例
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The South Korean organization DRX, best known in League of Legends for winning
the 2022 Worlds, is preparing for an initial public offering (IPO) on the Sin
gapore Exchange (SGX). According to Invest Chosun, the organization is expecte
d to submit its preliminary listing application to the Singaporean exchange in
mid-August, following a preparation phase carried out with a local investment
bank and the support of Korean brokerage firms.
以夺下 2022 年《英雄联盟》世界赛冠军闻名的韩国电竞组织 DRX，正准备在新加坡交易
所（SGX）进行首次公开募股（IPO），根据《Invest Chosun》报导，在与当地投资银行
合作、并获得韩国券商协助完成前期准备后，DRX 预计将于 8 月中旬向新加坡交易所提
交初步上市申请
The results of the review process are expected as early as next month, while t
he company’s valuation has reportedly not yet been finalized. Market estimate
s currently place it at several hundred billion won, potentially amounting to
a few hundred million US dollars.
上市审查结果最快可望于下个月出炉，不过公司的最终估值尚未敲定，目前市场预估其估
值约为数千亿韩元，折合约数亿美元
A first for South Korea
韩国首例
If successful, DRX would become the first Korean esports organization, and mor
e broadly the country’s first professional sports club, to be publicly listed
. Founded in 2012, DRX currently fields teams in League of Legends, VALORANT,
PUBG Mobile, and Tekken, with several of those rosters currently competing in
Paris at the Esports World Cup 2026.
若顺利上市，DRX 将成为韩国第一家上市的电竞组织，更是韩国首支公开上市的职业运动
俱乐部，DRX 成立于 2012 年，目前拥有《英雄联盟》、《VALORANT》、《PUBG Mobile
》与《铁拳》等项目的战队，其中多支队伍目前正于巴黎参加 2026 电竞世界杯
According to Invest Chosun, the decision to list in Singapore is driven by inv
estment fund ATU Partners, the organization’s majority shareholder since 2019
, which aims to benefit from the city-state’s strategy of attracting fast-gro
wing foreign companies. The move would also support DRX’s efforts to expand i
ts sponsorship portfolio and content business across Southeast Asia, where Kor
ean esports continues to grow in popularity. Earlier this year, DRX also held
its first overseas LCK roadshow in Hanoi, Vietnam, while the LCK itself hosted
the playoffs of its first split in Hong Kong.
《Invest Chosun》指出，DRX 选择赴新加坡上市，是由自 2019 年起成为其最大股东的
投资基金 ATU Partners 所主导，希望借由新加坡吸引高成长海外企业的政策获益，此举
也有助于 DRX 扩展东南亚地区的赞助合作与内容事业，而韩国电竞在当地的人气仍持续
攀升，今年稍早，DRX 也在越南河内举办了首场海外 LCK Roadshow；另一方面，LCK 则
首次在香港举办第一赛段季后赛。
Financially, according to a report by RFT.GG, DRX posted $8.6 million in reven
ue in 2025 and recorded its second consecutive break-even year, supported in p
art by the full repayment of its LCK franchise fees and the naming rights part
nership signed with Kiwoom Securities in March 2025. Since the start of the 20
26 season, DRX has also competed under the KRX name in both the LCK and the VC
T Pacific. The company’s accumulated deficit, however, is approaching $20 mil
lion, despite having raised roughly $31 million since its founding. Invest Cho
sun, meanwhile, reports consolidated revenue of KRW 34.2 billion, or approxima
tely $23 million, for 2025.
财务方面，根据 RFT.GG 报导，DRX 在 2025 年营收达 860 万美元，并连续第二年达成
损益两平，部分原因包括已全额偿还 LCK 加盟费，以及于 2025 年 3 月与 Kiwoom Secu
rities（Kiwoom 证券）签署冠名合作
自 2026 赛季开始后，DRX 也在 LCK 与 VCT Pacific 赛事中以“KRX”名义参赛，不过
尽管公司自创立以来已募资约 3,100 万美元，其累积亏损仍接近 2,000 万美元，另一方
面，《Invest Chosun》则指出，DRX 2025 年合并营收为 342 亿韩元，约合 2,300 万美
元。
Previous examples call for caution
前例值得警惕
Western esports has already seen several unsuccessful stock market listings. F
aZe Clan, which went public on the Nasdaq in 2022 through a SPAC at a $725 mil
lion valuation, saw its share price fall from $24.69 to $0.75 in just six mont
hs before being acquired by media and technology company GameSquare in an all-
stock transaction at the end of 2023, ending its run as an independent publicl
y traded company.
西方电竞产业已有多起上市失败的案例，FaZe Clan 于 2022 年透过 SPAC（特殊目的收
购公司）方式，以 7.25 亿美元估值在那斯达克上市，但股价在短短六个月内便从 24.69
美元暴跌至 0.75 美元，最终于 2023 年底遭媒体与科技公司 GameSquare 以全股票交
易收购，结束其独立上市公司的身分。
Guild Esports, the first esports organization to list on the London Stock Exch
ange in 2020, with David Beckham notably involved as a shareholder, lost more
than 90% of its value before being delisted in 2024 and ultimately shutting do
wn in August 2025.
Guild Esports 是首家于 2020 年在伦敦证券交易所上市的电竞组织，知名球星 David B
eckham 也是其股东之一，然而该公司股价最终蒸发超过九成，于 2024 年下市，并在 20
25 年 8 月正式停止营运
NIP Group, which now operates primarily in China after its long history in Swe
den, went public on the Nasdaq in 2024 at $9 per share. Despite continued reve
nue growth, its stock now trades below $1 after the company reported losses of
$237.5 million in 2025.
拥有瑞典背景、目前主要在中国营运的 NIP Group，于 2024 年以每股 9 美元在那斯达
克上市，尽管公司营收持续成长，但在 2025 年公布高达 2.375 亿美元亏损后，股价目
前已跌破 1 美元。
DRX去年整体盈利6680美金
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