HoYoverse Valued at 50 Billion RMB on Unicorn List, Players Question the Accuracy

Recently, the Xuhui District government announced that HoYoverse, the developer behind major titles, was valued at 50 billion RMB on the Hurun Global Unicorn Index 2023, ranking third in Shanghai. The list tracks non-public companies founded after 2000 with valuations exceeding 1 billion USD, based on data up to the end of 2022. This suggests the massive success of their subsequent hit, *Honkai: Star Rail*, was not accounted for.

The release of the list sparked a firestorm in the community. The main point of contention is that the 50-billion RMB figure seems drastically low to those familiar with the company's performance. Many players argue that the company's revenue over just two years likely exceeds that number. Commentators mocked the valuation, suggesting that applying such a low Price-to-Earnings ratio (P/E) is akin to treating a high-growth tech giant like a traditional bank. Some users even joked they would liquidate all their assets to buy shares if the IPO were truly set at such an undervalued price. Others also questioned the overall credibility of the ranking, given the suspicious valuation metrics applied to other gaming companies on the same list.