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Ann Cao

Chinese video gaming powerhouse miHoYo, creator of Genshin Impact and Honkai: Star Rail, has named another company co-founder, Liu Wei, as its new chairman after Cai Haoyu stepped down from that role, according to the latest mainland corporate data.
Cai relinquished his seat on miHoYo’s board of directors and handed over his roles as company chairman and legal representative to Liu, according to last week’s updated data from the National Enterprise Credit Information Publicity System, an official business registry platform run by the State Administration for Market Regulation.
Privately-held miHoYo has also cut its registered capital to 317 million yuan (US$43.4 million) from 334 million yuan, according to the platform. No reason was given for this action.
The change in leadership, which was first reported by Chinese media, has triggered speculation online about what miHoYo’s three co-founders would be up to, after the Shanghai-based company nearly tripled its revenue in the past three years and emerged as the main challenger to Tencent Holdings and NetEase in the world’s largest video gaming market.

Cai, Liu and Luo Yuhao were engineering postgraduates from Shanghai Jiao Tong University when they established miHoYo in 2011. Cai had held the roles of chairman and chief executive, while Liu served as president and Luo had a director’s seat. It is unclear what has become of the chief executive position.
The leadership change was in line with “the company’s need for future development”, according to miHoYo in a report by Chinese media The Paper on Tuesday.
Cai is expected to focus on “research and application of cutting-edge technologies, development of new projects, and connecting domestic and overseas research and development resources”, the report said.
It indicated that Liu, who has been serving as the public face of miHoYo, will continue to be responsible for managing the company’s affairs.
miHoYo’s revenue surges on back of Genshin Impact and Honkai: Star Rail success
Before stepping down from the company’s board and his role as chairman, Cai had co-founded and served as chief executive of a new global brand called HoYoverse, which was launched in 2022 to “create immersive virtual world experiences for players around the world”.
Cai, who remains miHoYo’s largest shareholder with a 41 per cent stake, spearheaded the development of the company’s major projects, from its earliest title FlyMe2theMoon to its global commercial hit Genshin Impact.
Liu, who had a high-profile meeting with Apple chief executive Tim Cook earlier this year, owns 22.6 per cent of miHoYo, while Luo controls a 21.4 per cent stake in the company, according to data from Chinese business registry platform Tianyancha.
In an interview with China Central Television last November, Liu said miHoYo’s vision was to “create a virtual world where 1 billion people would like to live by 2030”, part of the company’s “two-wheel drive” strategy of pursuing cultural and technological innovation.
miHoYo’s new game Honkai: Star Rail enjoys record debut for a China title
In 2022, miHoYo generated total revenue of 27.34 billion yuan and a net profit of 16.15 billion yuan, according to a June report by state-owned newspaper Guangming Daily. The report also ranked the company as one of the mainland’s “Top 30 Chinese Culture Enterprises”.
The success of miHoYo comes on the back of Genshin Impact, the open-world action role-playing game launched by the company in September 2020. The title recorded US$4 billion in global revenue at the end of last year.
Honkai: Star Rail, a role-playing anime title based on miHoYo’s Honkai series, in May surpassed Genshin Impact as the biggest global launch of any Chinese video game, according to data from Sensor Tower.


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Chinese video gaming powerhouse miHoYo, creator of Genshin Impact, shuffles chairman role and reduces registered capital

The change in leadership at miHoYo comes at a time when the Shanghai-based firm has become the main challenger to Tencent Holdings and NetEase in the world’s largest video gaming market. Photo: SCMP

Video gaming developer miHoYo co-founder Liu Wei, left, is seen in a huddle with Apple chief executive Tim Cook, centre, and an unidentified developer of hit game Genshin Impact at the Chinese firm’s headquarters in Shanghai on March 30, 2023. Photo: Weibo

Cai Haoyu is one of the three co-founders of Shanghai-based video game developer miHoYo. Photo: Weibo

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Liu Wei has replaced fellow miHoYo co-founder Cai Haoyu as the company’s chairman and legal representative
Cai is expected to focus on new projects as well as various research and development activities, while Liu manages the company’s affairs


The change in leadership at miHoYo comes at a time when the Shanghai-based firm has become the main challenger to Tencent Holdings and NetEase in the world’s largest video gaming market.
