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

  • 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

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

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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.

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