[外絮] DRX 計畫在新加坡上市
DRX plans to list on the Singapore Exchange, a first for Korean esports
DRX 計畫在新加坡交易所上市，將成為韓國電競史上的首例
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.
以奪下 2022 年《英雄聯盟》世界賽冠軍聞名的韓國電競組織 DRX，正準備在新加坡交易所（SGX）進行首次公開募股（IPO），根據《Invest Chosun》報導，在與當地投資銀行合作、並獲得韓國券商協助完成前期準備後，DRX 預計將於 8 月中旬向新加坡交易所提交初步上市申請
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.
上市審查結果最快可望於下個月出爐，不過公司的最終估值尚未敲定，目前市場預估其估值約為數千億韓元，折合約數億美元
A first for South Korea
韓國首例
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.
若順利上市，DRX 將成為韓國第一家上市的電競組織，更是韓國首支公開上市的職業運動俱樂部，DRX 成立於 2012 年，目前擁有《英雄聯盟》、《VALORANT》、《PUBG Mobile》與《鐵拳》等項目的戰隊，其中多支隊伍目前正於巴黎參加 2026 電競世界盃
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 選擇赴新加坡上市，是由自 2019 年起成為其最大股東的投資基金 ATU Partners 所主導，希望藉由新加坡吸引高成長海外企業的政策獲益，此舉也有助於 DRX 擴展東南亞地區的贊助合作與內容事業，而韓國電競在當地的人氣仍持續攀升，今年稍早，DRX 也在越南河內舉辦了首場海外 LCK Roadshow；另一方面，LCK 則首次在香港舉辦第一賽段季後賽。
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.
財務方面，根據 RFT.GG 報導，DRX 在 2025 年營收達 860 萬美元，並連續第二年達成損益兩平，部分原因包括已全額償還 LCK 加盟費，以及於 2025 年 3 月與 Kiwoom Securities（Kiwoom 證券）簽署冠名合作
自 2026 賽季開始後，DRX 也在 LCK 與 VCT Pacific 賽事中以「KRX」名義參賽，不過儘管公司自創立以來已募資約 3,100 萬美元，其累積虧損仍接近 2,000 萬美元，另一方面，《Invest Chosun》則指出，DRX 2025 年合併營收為 342 億韓元，約合 2,300 萬美元。
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.
西方電競產業已有多起上市失敗的案例，FaZe Clan 於 2022 年透過 SPAC（特殊目的收購公司）方式，以 7.25 億美元估值在那斯達克上市，但股價在短短六個月內便從 24.69美元暴跌至 0.75 美元，最終於 2023 年底遭媒體與科技公司 GameSquare 以全股票交易收購，結束其獨立上市公司的身分。
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 是首家於 2020 年在倫敦證券交易所上市的電競組織，知名球星 David B eckham 也是其股東之一，然而該公司股價最終蒸發超過九成，於 2024 年下市，並在 20 25 年 8 月正式停止營運
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.
擁有瑞典背景、目前主要在中國營運的 NIP Group，於 2024 年以每股 9 美元在那斯達克上市，儘管公司營收持續成長，但在 2025 年公布高達 2.375 億美元虧損後，股價目前已跌破 1 美元。
DRX去年整體盈利6680美金
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