Genshin Impact developer miHoYo has undergone some internal reshuffle. Cai Haoyu, one of the company’s founders and its largest shareholder, recently stepped down as its chairman.

Cai Haoyu steps down as chairman of miHoYo to focus on research and application of "cutting-edge technology"

Honkai: Star Rail

Cai Haoyu’s resignation took place earlier this week, as reported by several Chinese media outlets.

According to information submitted to the National Enterprise Credit Information Publicity System (via the China Times), Haoyu was replaced by Liu Wei, co-founder and current president, as miHoYo’s legal representative and chairman.

More screenshots shared by Sina Technology on Weibo indicate that the company also reduced its registered capital from 333.85 million yuan ($45.75 million) to 317.16 million yuan ($43.47 million).

A miHoYo spokesperson told the China Times that the internal shakeup was made to “adapt to the company’s future development needs.” Haoyu will now focus more on the “research and application of cutting-edge technology,” development of new projects, and overseeing domestic and overseas R&D resources. Wei will be in charge of the management of miHoYo.

So Cai Haoyu won’t leave the company or retire, plus he will remain the largest shareholder of the Shanghai-based developer.

Founded in 2012, miHoYo is currently one of the most successful game companies in China. Earlier this year, all three of its founders made it onto the list of China’s 500 richest people, with a combined net worth of over $16 billion.

In 2022, miHoYo generated over $3.8 billion in revenue and surpassed $2.2 million in net income. Its annual profits were larger than those of some other global gaming giants like Activision Blizzard and Electronic Arts.

The company’s biggest project is still Genshin Impact, which has brought in over $4 billion in mobile revenue since its 2020 launch. miHoYo continues to expand its portfolio, with its latest release, Honkai: Star Rail, surpassing the $500 million mark in July.

In January, Liu Wei stated that the company plans to build a virtual world that “1 billion people are willing to live in” by 2030. This is likely related to the HoYoverse brand, which a) is used to operate miHoYo games globally; b) serves as a platform to unite different titles under one label and create an “immersive virtual world experience to players worldwide through a variety of entertainment services.”

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