(Yicai Global) May 4 -- South Korean video game developer Gravity is set to launch its hugely successful Ragnarok X: Next Generation in China, according to the firm’s local partner.

Shanghai-based The Dream Network Technology will be the sole publisher and exclusive provider of tech support in the Chinese mainland for the massively multiplayer online role-playing game, per a statement released today by its parent company Fuchun Technology. 

The agreement will last for four years, during which The Dream Network will pay commission to Nasdaq-listed Gravity according to the share agreed by both parties and as per the actual income earned from the game.

The statement did not predict a timetable for gaining a Chinese license for the game, only noting that The Dream Network will be actively involved in the application process. 

Ragnarok X: Next Generation, which was developed by The Dream Network with Gravity’s intellectual property authorization, was initially launched in October 2020 in the Hong Kong and Macao Special Administrative Regions and Taiwan, followed by Southeast Asia in 2021, and South Korea market early this year.

The two companies have since earned substantial revenue from it, and they signed a deal last June to launch the game in the European and North American markets this year.  

Today’s statement from Fuchun Technology noted that Ragnarok X: Next Generation has made a huge contribution to its gaming business since 2020. Revenue earned from businesses connected with the game totaled CNY359 million (USD51.9 million) in 2021, accounting for 91 percent of its total gaming income that year. But those figures fell to CNY184 million and 46 percent last year.

The latest progress achieved in the partnership with Gravity failed to boost the shares of Fuchun Technology. Its stock [SHE: 300299] closed down 6.8 percent at CNY8 (USD1.2) today. From mid-March to mid-April, the shares had almost doubled in value, but they have since dropped by around 30 percent.

Gravity’s shares [NASDAQ: GRVY] rose 2 percent to close at USD55.60 apiece in New York yesterday, bringing its gain so far this year to 38 percent.

Editor: Tom Litting