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Analyst Neil Saunders, managing director of GlobalData Retail, said that "while the company is still viable, doing business has become far more challenging and these problems will only increase."

And while we had some pretty good early customer traction, it was apparently not enough to place a bet on. In response to all our pitches to angel investors and firms, we received a consistent stream of “No’s,” “No thanks,” “This is a neat project,” “We’re no longer making early-stage investments,” and “Come back when you have more users.”

An unnamed official with the presidential Blue House of the ROK was quoted by Yonhap as saying that halting the joint war games in the Winter Olympic period is one of options that can be reviewed.

And it doesn't shy away from the conspicuous intention of getting new users through the event, with 300 million yuan up for grabs exclusively for those who recommend friends to download the app.

Analysts said the figures reflect the unshaken confidence of foreign investors in the world’s second-largest economy.