The 39-year-old CEO was arrested, and he dropped out of college to start a business and became one of the richest people

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Previously, on November 6, it was reported that Chen Shaojie, CEO of the game live streaming platform Douyu, had lost contact.

On November 21, Douyu announced that Chen Shaojie, chairman of the company's board of directors and CEO, was arrested by Chengdu police around November 16.

According to the announcement, the company has not received any official notification of the reasons for Chen Shaojie's investigation or arrest. The Company is unable to comment on the nature or expected timeline of the legal proceedings that may follow. The ongoing enforcement actions against Chen Shaojie and any subsequent related legal proceedings and enforcement actions against the relevant parties could have a material adverse effect on the Company's reputation, business and results of operations. The Company maintains the normal operation of its business and remains committed to maintaining its platform in compliance with regulatory requirements. The board of directors and management will oversee the company's operations and develop contingency plans to respond to Chen's arrest and related investigations.

Previously, on November 6, it was reported that Chen Shaojie, CEO of the game live streaming platform Douyu, had lost contact.

Douyu is the leading game live broadcast platform in China, with revenue of 1.392 billion yuan in the second quarter of 2023, a year-on-year decrease of 24.1%, and adjusted net profit of 61.4 million yuan, a year-on-year increase of 161%. In addition, Douyu's 2022 annual report shows that Douyu achieved revenue of 7.108 billion yuan, a year-on-year decrease of 22.44%. In the fourth quarter of 2022, sales and marketing expenses decreased by 45.9% to RMB123.9 million from RMB229.2 million in the same period of 2021, and quarterly R&D expenses also decreased by 39.2% year-on-year to RMB80.6 million.

As for Chen Shaojie himself, public information shows that he was born in 1984 and is a native of Jinan. He dropped out of school not long after entering college to start a business, and developed the "Boss" game battle platform, which was sold to Shanda and earned his first pot of gold.

In 2010, he bought Station A, the "originator of the ACG website" in China, and incubated the "Shengbo" channel. Four years later, he became independent of the "Shengbo" channel from Station A and renamed it "Douyu TV".

In July 2019, Betta was listed on the NASDAQ, with a market capitalization of nearly $4 billion on the day. In October of that year, Chen Shaojie ranked 1507th in the "2019 Hurun Report" with a net worth of 2.5 billion yuan.

In November 2020, his wealth rapidly expanded to 5.5 billion yuan, ranking 34th on the "2020 Hurun Post-80s Self-Made Rich List".

According to the Daily Economic News, Tianyancha APP shows that Chen Shaojie holds 50.2271% of the shares in Wuhan Douyu Network Technology Co., Ltd., making him the largest shareholder. Wuhan Douyu Network Technology Co., Ltd. is the operating entity of Douyu.

Editor丨Wang Naixin Comprehensive Beijing Business Daily (Reporter Wei Wei), Daily Economic News, Science and Technology Innovation Board Daily

Picture丨Douyin@中国新闻网 Screenshot, Douyu platform screenshot, Tianyancha screenshot

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