장부가 0원인데 지원은 185억…스마일게이트, 中법인 수혈 늘린 이유

Despite zero book value, Smilegate is increasing financial support to its Chinese subsidiary to build game development and publishing capabilities with local partners like Tencent. The investment reflects a strategic bet that maintaining operational presence in restricted markets requires upfront capital commitment rather than immediate profitability. This underscores how international gaming expansion demands ecosystem-building beyond traditional revenue models.