In the past, King had gotten rid of the previous King and replaced him, but this year, old K had given him up because he didn't want to play.
Hence, even though King was undefeatable in the assassin world, he still felt aggrieved. He had a feeling that he was not in a proper position and that his words were not legitimate.
He should have killed old K to consolidate his position.
However, like Gong Bai, he regarded old K as his master, elder, and family. Therefore, he couldn't do it.
Old K had retired from the assassin world these few years, but few people were his enemies. He could even call the shots in the underworld, and it was not without King's Secret help.
Under such circumstances, old K had accepted Gong Bai as his girlfriend, which was a slap to King's face.
If he couldn't kill, he should be the one to inherit, right? What did old K think he was?
Therefore, he should have killed old K to save himself some trouble.