By a Staff Reporter
Perfect World recently announced that its actual controller, Chi Yufeng, plans to reduce his stake in the company by no more than 32,979,462 shares, or 1.70% of the total shares, within three months after the announcement. Based on the closing price of Perfect World on November 27, Chi Yufeng’s cash-out amount may reach 500 million yuan.
On November 28, Perfect World’s stock price plummeted by over 7% after opening, closing at 14.17 yuan, with a decline of 6.59%. The trading volume was 11.25 billion yuan, and the total market value was 274.89 billion yuan.
According to the announcement, Chi Yufeng currently holds 149,122,401 shares, accounting for 7.69% of the total shares. Chi Yufeng and his concerted parties hold a total of 627,531,903 shares, accounting for 32.36% of the total shares.
The reason for the reduction is due to “personal financial needs,” and the shares to be reduced come from Perfect World’s non-public issuance.
The announcement notes that the implementation of this reduction plan will not lead to changes in the company’s control or affect its governance structure and sustainable operations. However, the implementation of this plan may be subject to uncertainties, and Chi Yufeng will decide whether to proceed based on his own situation, market conditions, and the company’s stock price.
This is not Chi Yufeng’s first time reducing his stake in Perfect World. Data shows that he initially held 176 million shares, accounting for 13.41% of the total shares. Since June 20, 2019, he has been reducing his stake. As of now, he has cumulatively reduced his stake by 76.9299 million shares, with a total cash-out of approximately 2.585 billion yuan. If this reduction is added to the previous ones, Chi Yufeng’s total cash-out amount will reach 3.085 billion yuan.
Chi Yufeng, born in 1971, graduated from Tsinghua University’s Chemistry Department. In 1996, he founded Beijing Hongen Education Technology Co., Ltd. and launched computer learning software and English series software, making Hongen Education a representative company in the field of multimedia education software.
In 2004, he entered the online gaming market and founded Beijing Perfect World Network Technology Co., Ltd. The company became well-known for its PC game “Perfect World,” which was launched in 2005, and later released other classic games such as “Jade Dynasty” and “Wulin Heroes.” In 2007, Perfect World was listed on NASDAQ, becoming the third Chinese game company to go public.
Chi Yufeng also ventured into the film and television industry, establishing Beijing Perfect World Culture Communication Co., Ltd. (later renamed Perfect World Film and Television), which produced films and TV series such as “Very Perfect” and “Love is Not Blind.” He has been promoting Perfect World’s “film-game synergy” development and has reached a strategic cooperation with Universal Pictures. He also invested in establishing Perfect World Education in 2014, cooperating with top overseas universities and institutions to cultivate creative cultural industry talents.
He has been listed on the Hurun Global Rich List multiple times. The 2025 Hurun Global Rich List shows that Chi Yufeng’s wealth is valued at 16 billion yuan.
However, Perfect World’s business contributions are still highly concentrated in the gaming sector, with gaming revenue accounting for 93% of total revenue in 2024. Within the gaming business, it is overly dependent on a few IPs, with the growth of gaming revenue in the first three quarters of 2025 mainly driven by “Jade Dynasty World” and “Jade Dynasty 2.”
The financial report shows that in the first three quarters of this year, the company achieved revenue of 5.417 billion yuan, with a year-on-year growth of 33.00%. The net profit attributable to the parent company was 666 million yuan, turning a profit from a loss. The net profit attributable to the parent company after deducting non-recurring gains and losses was 483 million yuan. The increase in non-recurring gains and losses was mainly due to the disposal of the “Chengfeng Studio” in the first quarter, and it remains to be seen whether the company can continue to make a profit in the future.
