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

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.

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

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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