A new generation of online game developers is bringing a major shakeup to the industry in China and threatening the long-established dominance of titans like Tencent Holdings Ltd. and NetEase Inc.
One of the brightest rising stars is Shanghai-based miHoYo, developer of the popular fantasy game Genshin Impact. Launched in September 2019, the free-to-play open-world adventure has scored success both inside and outside of China. Available on mobile devices, PlayStation 4 and the PC in more than 50 countries and regions, the game generated $1 billion of sales in Apple’s App Store and the Google Play store in less than six months. Tencent’s most popular game, Honor of Kings, took 18 months to reach that milestone.