Chi Yufeng is founder and chairman of Perfect World.
Chi Yufeng was born in Beijing in 1951.After a quiet childhood, he graduated in 1993 with a degree in Chemistry from Tsinghua University, followed by an MBA from CEIBS (China European International Business School).
He started his professional career as an engineer at P&G Inc in Guangzhou, an American multinational company specialising in consumer goods (hygiene and beauty products). After only one year, in 1994, he left his position to co-found Shenzhen Human Corporation Limited. By end of 1995, the company became largest supplier of computers in Shenzhen and helped millions of Chinese families learning how to use computers in 1990s. Today, this company has a Chinese market share of 50-70%.
Chi Yufeng is an ambitious entrepreneur since day one and does not want to stop there.
He returned to Beijing to found Beijing Golden Human Co.Ltd, which became one of China’s leading education software companies. Company was very successful and in 2001, Chi was named one of «Top Ten Entrepreneurs of the Year» in start-up category. Later, Chi Yufeng decided to merge Beijing Golden Human Co.Ltd with Tsinghuan Holding, a subsidiary of Tsinghua University, listed on Shenzhen Stock Exchange, and became executive vice president of the company. However, this success attracted numerous hacking attacks, which hinders company’s development. After much research, Chi found that it was easier to protect intellectual property rights of online games than educational software. So, he says, it is easier to protect such software from piracy.
For this reason, in 2004, after completing his MBA, Chi Yufeng founded Beijing Perfect World Games, a company focused on development and marketing of online games.
From very beginning, the company was very successful. In 2008, after three years in business, Chi Yufeng diversified with launch of Perfect World Pictures, a subsidiary specialising in film production.
In 2007, Perfect World Game was listed on Nasdaq Stock Exchange, but was delisted in 2015. In 2016, Perfect World Games merged with Perfect World Pictures, which is listed on Shenzhen Stock Exchange.
The company made its games available in more than 100 countries around the world, accounting for nearly 40% of country’s total online game exports. Perfect World has been ranked top Chinese online game developer in terms of exports for five consecutive years. Over the years, Perfect World has mixed Chinese and foreign cultures in its products. Chi Yufeng has not only succeeded in China, but is also known and recognized around the world.
As a leader, Chi Yufeng emphasises importance of value and teamwork, as well as principle of selflessness.
«If we want to become a very good company and be compatible with foreign markets, we must pay great attention to strategy and pursuit high quality of products and services.»
As a result of this focus on quality, company’s logo has appeared in many Oscar-winning films. In addition, Chi Yufeng has won many other awards related to entrepreneurship.
For Chi Yufeng, success of a company is associated with well-being of its employees. In order to achieve this goal, Perfect World has been involved in social welfare for many years and helps company’s employees find their place in society in various ways. The company is also involved in volunteer work, organising educational events in rural primary schools and donating money and books.
Today, Chi Yufeng is still CEO of his company and lives in Beijing. He is a 28% shareholder.
« We should not limit ourselves to whether many things should be Chinese or foreign, as long as it can promote development of humanity »
IN A FEW FIGURES
- Headquarters in Beijing, China
- Founded in 2004
- Sales 2022: $1.1bn
- Net profit 2022: $196M
- Market capitalisation: $5.2bn
- 6 060 employees
- 17% of employees hold PhDs
- Top games: Perfect World, Legend of Martial Art, Jade Dynasty
- 87% of sales in China
THE VIDEO GAME SECTOR IN CHINA
- Video game market: $43bn
- 720M players
- Top 3: Tencent Holdings, NetEase, Perfect World
- Mobile games: 68% of players
- eSport: 440M spectators in 2020
- Strong government regulations since 2018 which tend to become more flexible
Chi Yufeng, 52, is founder and chairman of Perfect World, an online gaming company. His fortune reaches €2.5bn (source: Forbes, May 2023)