miHoYo co-founder Cai Haoyu steps down as chairman… Liu Wei steps up | Pocket Gamer.biz

Genshin Impact Creator miHoYo Sees New Chairman Take Charge

Genshin Impact creator miHoYo has announced a change in leadership as Cai Haoyu steps down from his position as chairman. However, Haoyu will still remain the company’s largest shareholder. The role of chairman will now be filled by Liu Wei, who co-founded the company with Haoyu.

A Shift in Roles

In his new role, Liu Wei will manage the company’s affairs while Haoyu focuses on researching technologies and development activities, particularly in the field of artificial intelligence. This decision comes after miHoYo co-authored a recent scientific report on AI. Haoyu and Wei co-founded miHoYo with Luo Yuhao in 2011, and Haoyu has held the positions of chairman and chief executive until now. It is currently unknown who holds the position of chief executive.

Haoyu remains miHoYo’s largest shareholder with a 41% stake in the company, while Wei and Yuhao own 22.6% and 21.4%, respectively. Additionally, the company’s registered capital has been reduced from ¥334 million ($45.6 million) to ¥317 million ($43.4 million) for unknown reasons.

Continued Success

A month ago, miHoYo showcased its dominance in the mobile gaming market with its games generating a total of $8 billion in user spending. Genshin Impact, its flagship title, accounted for 73% of this revenue. Another recent release, Honkai: Star Rail, has also achieved significant success. It reached 20 million installs on its launch day and has now surpassed $500 million in worldwide sales. These achievements have solidified miHoYo’s position on the Top 50 Game Makers list.

Both miHoYo and NetEase, another Chinese gaming company, are currently trailing behind Tencent, with miHoYo being the newest rising star in the country. The impact of the change in chairman on miHoYo’s market position remains to be seen.