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By Josh Ye

HONG KONG (Reuters) –     The chief executive of China’s Bilibili Inc has taken over direct supervision of the co*pany’s gaming department, according to an internal email seen by Reuters, as the Alibaba-backed co*pany looks to boost revenue growth.

The human resource department of Bilibili, best known for its YouTube-like video-sharing platform, issued an email last Friday informing employees that those in its gaming department will report to Chen Rui, the co*pany’s CEO, and no longer Zhang Feng, a senior vice president at the co*pany.

Local media first reported the news over the weekend, sending  Bilibili’s shares up about 10% in Hong Kong on Monday as investors interpreted it as an effort by Bilibili to refocus on its gaming business, which had been an important revenue generator for the co*pany but has struggled in recent years.

When Bilibili went public on the Nasdaq in 2018, gaming accounted for about 80% of its total revenue. Its most famous title at the time was strategy game Fate/Grand Order. But Bilibili has been struggling to find new hits over the years while other Chinese co*panies including NetEase and miHoYo continue to gain ground.

Bilibili’s gaming revenue declined 15% in the quarter ended June this year, accounting for about 21% of its total revenue.

The co*pany has long struggled to turn a profit despite having more than 300 million monthly users on its video platform.

Its share price has fallen more than 90% from its June 2021 peak to $11.71 as of Monday.

(Reporting by Josh Ye; Editing by Mark Potter)