Huang Yimeng, co-founder of China's largest video game company XD, announced his immigration plans. Photo by Huang Yimeng (Twitter capture)
[Asia Economy Intern Reporter Lee Gyehwa] Amid an increasing number of people seeking immigration due to the strict COVID-19 lockdown policies in China, Huang Yimeng, China's youngest billionaire, has announced plans to move abroad.
On the 29th (local time), according to the Hong Kong South China Morning Post (SCMP), Huang Yimeng (40), co-founder of China's largest video game company XD, recently stated in an internal company message that "I will move abroad after next summer vacation."
Huang Yimeng is among the youngest emerging wealthy individuals in China, and according to the Forbes rich list in 2021, his net worth is valued at $1.2 billion (approximately 1.55 trillion KRW).
His relocation plan is also related to the Chinese authorities tightening regulations on the gaming industry and the intensifying competition within the sector, prompting XD to accelerate its overseas expansion. SCMP reported that it is becoming increasingly difficult for gaming companies to obtain approval for new releases in China.
In the message, Huang Yimeng also expressed his desire to live outside China because he values family and work equally, stating, "XD will become a multinational company spanning continents, so overseas operations will constitute a larger part of our business in the future."
Currently living in Shanghai, where XD's headquarters are located, with his young children, he shares his daily life almost every day on Twitter.
Citizens are waiting to get tested for COVID-19 in Shanghai, China. Photo by Huang Yimeng, captured from Twitter.
He posted a photo along with the comment, "On the 1st, the lockdown was finally lifted, and when I went to the office for the first time in two months, the plants in the pots had dried up and died," and also shared a photo of the endlessly long line waiting for PCR tests.
According to SCMP, Huang Yimeng's relocation plan sparked discussions about the increasing number of China's middle class and intellectuals considering immigration, noting, "Many are expressing concerns about the extension of lockdowns and repeated large-scale PCR (polymerase chain reaction) testing."
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