No. Krafton, Inc. is a South Korean company headquartered in Seoul and listed on the Korea Exchange. It has significant China connections, including a wholly owned subsidiary in China and a shareholder with a documented historical link to Tencent. Those connections do not make Krafton a Chinese company.
Where is Krafton based?
Krafton’s corporate identity is South Korean: the company’s 2025 annual business report says it was incorporated in the Republic of Korea on March 26, 2007, and lists its headquarters at 231 Teheran-ro, Gangnam-gu, Seoul. The company was originally named Bluehole, Inc.; it changed its name to Krafton, Inc. on November 30, 2018. It has been listed on the Korea Exchange’s KOSPI market since August 10, 2021. Krafton’s 2025 annual business report and its 2024 consolidated financial statements document those details.
In the ordinary corporate sense—where a company is incorporated, headquartered and identified as a parent company—Krafton is Korean, not Chinese.
What is Krafton’s connection to Tencent?
The connection is through a shareholder, but the evidence needs to be described precisely. Krafton’s end-of-2025 shareholder table lists Image Frame Investment (HK) Limited as holding 6,641,640 shares, or 14.01% of Krafton. In a 2021 filing, Tencent identified itself as the parent company of Image Frame Investment. The current Krafton table names Image Frame as the shareholder, not Tencent directly; the available current filing does not independently restate Tencent’s present parent relationship with Image Frame.
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The end-of-2025 table also lists Chang Byung-gyu at 15.05%, the National Pension Service at 6.29%, treasury shares at 5.84%, and other shareholders at 58.81%. It does not show any shareholder with a majority stake. Tencent’s filing establishes a historical link to Image Frame, but these figures do not establish that Tencent owns or controls Krafton as a subsidiary.
For context, Tencent describes itself as a China-based internet and technology company in its 2025 annual results release. That fact explains why Image Frame’s stake is commonly described as a Chinese investment connection. It does not change Krafton’s place of incorporation or headquarters.
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Does Krafton have a subsidiary in China?
Yes. Krafton’s 2025 filing lists KRAFTON CHINA as a China-based subsidiary that is 100% owned by Krafton and engaged in game development and supply. That establishes a Chinese operating presence; it does not make the South Korean parent a Chinese company. Multinational businesses commonly own subsidiaries in countries other than the one where the parent is incorporated.
Why do people associate Krafton with China?
- Tencent’s investment link: Tencent’s 2021 filing called Image Frame Investment its parent company, and Krafton’s end-of-2025 filing lists Image Frame as a 14.01% shareholder. The first fact is historical; the current Krafton filing does not list Tencent directly.
- KRAFTON CHINA: The wholly owned subsidiary gives Krafton a direct business presence in China, which is distinct from the nationality of the parent.
- PUBG titles and publishing: Krafton and its PUBG studios are associated with PUBG: Battlegrounds. PUBG Mobile has involved Tencent in publishing and operating arrangements, including territory-specific arrangements. A publishing or operating role for a particular game and market is not the same as owning Krafton. Check the specific product and territory rather than treating every game called PUBG as one company’s product.
What does “Chinese company” mean in this case?
The phrase can refer to several different things: incorporation in China, a Chinese headquarters, control by a Chinese parent, partial investment from a Chinese company, a Chinese subsidiary, or business dealings in China. Those tests do not produce the same answer.
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| Question | What the filings establish |
|---|---|
| Where is Krafton incorporated? | Republic of Korea |
| Where is its headquarters? | Seoul, South Korea |
| Where is it listed? | Korea Exchange, KOSPI |
| Does it have a China-based subsidiary? | Yes; KRAFTON CHINA is 100% owned by Krafton |
| Does it have a Tencent-related shareholder connection? | Yes, historically through Image Frame Investment; Krafton lists Image Frame at 14.01% at the end of 2025 |
| Do the reviewed filings establish Tencent as Krafton’s controlling parent? | No; the current Krafton shareholder table does not show a Chinese majority owner or list Tencent directly |
A minority stake can still matter: a large investor may have influence through voting, agreements, board representation or commercial ties. But investment, influence and control are distinct, and the reviewed shareholder information does not establish Tencent control of Krafton.
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