Rumor: HITOgame in Financial Difficulties
Netease Tech, 7/26/10
Shanghai-based online game operator HITOgame reportedly began falling behind on paying employee wages in May. In an internal memo, CEO Chen Qiang said HITOgame is currently seeking financing, but the company gave no clear date for the payment of back wages.
Formerly known as Xiaolin Science & Technology, HITOgame received tens of millions of RMB in funding from venture capital firm Well Well Group. In May 2009, Xiaolin began second-round funding due to pressure from the chairman of Well Well Group.
In August 2009, Xiaolin received tens of millions of RMB in second-round angel funding from Li Qing, founder of investment firm Shanghai Angnuo and officially changed its name to HITOgame.
HITOgame's major product is its self-developed 3D turn-based MMORPG Naya Waizhuan, currently in internal testing.
Employees believe the game's poor performance is a major cause of the company's current fiscal crisis.
Netease Tech contacted Chen Yonghong, VP of HITOgame's management department, but she declined to respond to the rumors.
Keywords: Chen Qiang Chen Yonghong Internet funding Well Well Li Qing HITOGame HR online gaming Naya Waizhuan MMORPG 3D game self-developed game
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