Co-founder of Chinese game developer XD plans to move overseas

HONG KONG, June 27 (Reuters) – The chief executive and co-founder of Shanghai-based Chinese games company XD Inc (2400.HK) plans to leave China next year, according to an internal notice seen by Reuters, citing family reasons and growing overseas gambling opportunities.

Huang Yimeng, 40, who was listed last year by Forbes as worth $1.2 billion, said he was preparing to move overseas ‘after the upcoming summer break’, without disclosing the destination.

His announcement, which XD has confirmed and said stems primarily from family reasons, however, comes as a brutal crackdown on the gaming industry by Beijing is prompting many local businesses to look overseas. China’s zero-COVID policy, which resulted in a two-month lockdown in Shanghai, is also driving a wave of emigration. Read more

XD, which Huang co-founded in 2009, has made a name for itself in China as a publisher of small indie games and was among the first companies to receive a license earlier this year after Beijing lifted a near freeze. nine months on game approvals. Read more

“I personally give equal priority to career and family, and in the future, our company’s overseas operations will account for a higher proportion,” Huang said in the memo, adding that his vision was for XD to become a global company.

Although he did not mention Beijing’s regulatory policies or Shanghai’s lockdown, which he experienced, he said he hoped China’s COVID policy could be relaxed.

“The ideal situation is that our national COVID policies can be more relaxed in a year, and international relations can be more calm and open, in which case we can all move frequently according to the needs of our work and of our life,” Huang said. says in the note.

He declined to comment further when contacted by Reuters and referred to the company’s statement.

Huang will travel between China and overseas frequently and does not plan to adopt a foreign nationality, XD said, adding that his plan is unrelated to the current situation and the company’s future prospects.

Its position will also remain unchanged and the company has first drawn up an overseas expansion plan in 2021, he added.

Reporting by Josh Ye; Editing by Brenda Goh, Sherry Jacob-Phillips and Susan Fenton

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