On November 22, according to @ Dujiangyan Irrigation Project Public Security Police, Chengdu, "our bureau has investigated and found out that Chen Moujie (male, 39 years old) is suspected of opening a casino. At present, Chen Moujie has been arrested according to law. The case is under further investigation." So far, the truth about the "loss of contact of the 39 year old CEO of Douyu", which has attracted much attention online, has finally been settled.
Half a month ago, multiple sources revealed that Chen Shaojie, Chairman and CEO of the Douyu Board of Directors, had lost contact. On November 6th, media confirmed the news of Chen Shaojie's loss of contact. As the CEO of a listed company, Chen Shaojie's most recent appearance in public view was attending the company's second quarter financial report analysis conference call in August.
Chen Shaojie was once ranked 34th on Hurun's self-made rich list
According to public information, Chen Shaojie was born in Jinan, Shandong in 1984. Due to his addiction to games during his youth, he dropped out of school in his freshman year. In 2006, at the age of 21, Chen Shaojie started his career in Wuhan, Hubei Province, where he worked as a developer of a gaming platform.
In 2010, he bought Station A, the originator of the "anime website" in China, and set up Station A's "live broadcast" channel. Four years later, he separated the "Live Broadcasting" channel from Station A and renamed it "Douyu TV".
In the following years, a large number of game live streaming platforms such as Huya, Panda TV, and Battle Flag TV emerged, while Douyu introduced Tencent's investment and gradually built Tencent games such as League of Legends, King of Glory, and Dungeons and Warriors as content barriers. In July 2019, Douyu was listed on NASDAQ with a market value of nearly $4 billion on that day. Chen Shaojie's personal wealth also skyrocketed. In 2020, Chen Shaojie ranked 34th on the "2020 Hurun 80s self-made billionaire list" with a wealth of 5.5 billion yuan.
Douyu Live has repeatedly violated regulations and faced difficulties in company development
In recent years, Douyu has faced multiple challenges in business and compliance issues.
According to relevant reports, the Douyu "Changsha Rural Expendable Death Team" live broadcast room had a gift revenue of over 170 million yuan in 2020, with a daily flow of up to 13 million yuan; Another person, "Sending Nine Outdoor," was once suspected of being involved in gambling with tens of thousands of people, and the daily flow of water in the live broadcast room reached several million. In response to this matter, the person in charge of Douyu once responded that the lottery behavior of the live broadcast room and the host is not gambling, but "prize sales" in the commercial field. According to the Anti Unfair Competition Law of the People's Republic of China, as long as the lottery amount does not exceed 50000, it is neither illegal nor illegal.
According to the Enterprise Investigation APP, Wuhan Douyu Network Technology Co., Ltd., a affiliated company of Douyu Live, has been subject to multiple administrative penalties, involving vulgar live streaming and providing internet cultural products containing harmful social ethics content.
The financial report shows that from 2020 to 2022, the revenue of Douyu was 9.6 billion yuan, 9.165 billion yuan, and 7.108 billion yuan, respectively, showing a downward trend; From a net profit perspective, Douyu suffered losses for two consecutive years in 2021 and 2022. The monthly active and paid users of Douyu are also declining. According to the financial report, the MAU (monthly active users) of Douyu in the second quarter of 2023 was 50.3 million, compared to 55.7 million in the same period of 2022; The average number of paid users in the second quarter of 2023 was 4 million, compared to 6 million in the same period of 2022.
The company's management was poor, and the top game anchor also left after the contract expired.
In August this year, the game anchor "Xuxu Baobao" of the former "Big Brother Douyu" did not renew the contract with Douyu after the expiration of the contract and went to Tiktok Live. Previously, when Douyu was listed, "Xu Xu Baobao" and Chen Shaojie rang the bell on the New York Stock Exchange. After the CEO disconnection incident, Douyu's stock price also fell below $1 per share.
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