I just bought the US download version. I have the latest DirectX drivers as provided by the installer.
When I try to launch Black Shark from the icon that it installed on my Desktop, the Launcher.exe activates and shows a screen that says "Loading...". I hear a few seconds of music and then it just quits. There is no error message.
There are also no errors in my ..\Temp\ folder and no *.crash file.
I can start Black Shark from the Multiplayer icon, however.
I tried activating the game with the protect.exe, but that seemed to have no effect (although presumably my game is activated now).