miHoYo (Shanghai miHoYo Network Technology Co., Ltd.) is the developer of Varsapura. Founded in 2012 by Cai Haoyu, Liu Wei, and Luo Yuhao while they were students at Shanghai Jiao Tong University, the company has grown from a small startup into one of China's most commercially successful game studios. Varsapura is miHoYo's first project built on Unreal Engine 5, a departure from the Unity engine used for all their previous releases.
Founding and early years
Cai Haoyu, Liu Wei, and Luo Yuhao began working together on anime-inspired games during their university years. Their earliest projects were mobile games targeting the Chinese ACG (anime, comics, games) community. The name "miHoYo" is commonly attributed to the founders' interests: "mi" from Hatsune Miku (the virtual singer the founders admired), with "HoYo" drawn from the given names of co-founders Cai Haoyu and Luo Yuhao. The company formally incorporated in Shanghai on February 13, 2012. Even before incorporation, the team had released FlyMe2theMoon, an iOS rhythm game, on September 28, 2011. Their early commercial releases were small-scale mobile titles that built a loyal following among anime fans in China.
Major releases
miHoYo's trajectory changed with each successive release:
Game | Details |
|---|---|
Honkai Impact 3rd (2016) | proved the studio could make polished 3D action games on mobile, establishing their reputation for high production values |
Genshin Impact (2020) | was a massive commercial success and brought miHoYo global attention. Its open-world design, gacha monetization, and ongoing live-service model set the template for the company's business strategy |
Honkai: Star Rail (2023) | applied the gacha model to a turn-based RPG format, earning strong revenue in its first year |
Zenless Zone Zero (2024) | moved into the urban action space with a stylized, comic-book aesthetic |
Every one of these titles was built on the Unity engine. Varsapura breaks that pattern entirely.
Leadership changes
In September 2023, co-founder Cai Haoyu stepped down as chairman of the board. Liu Wei took over the chairman role. Cai's departure from the executive position was notable because he remained actively involved in game development, specifically as the producer of Varsapura. The leadership change may reflect a shift in Cai's focus toward hands-on production work rather than corporate management.
Varsapura's significance
Varsapura is a turning point for miHoYo in several ways:
It is the company's first Unreal Engine 5 game, abandoning Unity for a completely different technology stack
It targets photorealism instead of miHoYo's established anime/cel-shaded art direction
It is produced by co-founder Cai Haoyu, giving it direct executive oversight
It includes gameplay systems new to miHoYo's portfolio, such as stealth, vehicle driving, and dialogue skill checks
The project had a rocky start. miHoYo first attempted an urban open-world concept in 2020 under the codename PJSH (Project SH), but disbanded that effort in late November 2022. The team regrouped under Cai Haoyu's direction by late 2023, and the game was publicly revealed on November 20, 2025. See Development History for a full timeline.
Beyond games
miHoYo has invested in ventures outside gaming, including AI research, animation production, and science fiction publishing. The company funded an animated series based on Honkai Impact 3rd and has published science fiction novels. These side ventures reflect the founders' broader interests in technology and creative media, though game development remains the primary revenue source.
Headquarters and workforce
miHoYo's headquarters are in Shanghai's Xuhui District. The company employs several thousand people across its Shanghai offices. International operations are handled by HoYoverse through Cognosphere in Singapore. As of early 2026, HoYoverse is actively recruiting in both Shanghai and Singapore for Varsapura-related positions, suggesting the project is in active production.