On May 12, 2026, former NetEase Interactive Entertainment Vice President and President of NetEase Games Global Investment and Cooperation, Simon Zhu, publicly announced the establishment of his new gaming holding company, GreaterThan Group (GTG). He will serve as the founder and CEO, having successfully raised $100 million in funding.
This substantial funding round stands out starkly against the backdrop of an industry-wide downturn characterized by widespread layoffs, cancellations of major AAA projects, and a near-frozen investment market. Simon Zhu's perspective and the establishment of GTG offer a distinct counter-narrative to the prevailing pessimism, suggesting that a market winter may not signal an end but rather the beginning of a value reassessment.
This entrepreneurial move was not a sudden decision. Zhu joined NetEase in October 2012 and spearheaded the creation of the NetEase Games investment department in 2017, building a twelve-year track record that validated his prowess as an investor. During his tenure, he was instrumental in bringing *Minecraft* to the Chinese market and invested in Jenova Chen's thatgamecompany, contributing to the success of *Sky: Children of the Light*, which achieved over $100 million in annual revenue in China. He also led strategic investments in renowned overseas studios like Bungie (the *Destiny* series) and Quantic Dream (Detroit: Become Human), and secured billions in funding for projects such as *Marvel Rivals*. NetEase's 2019 investment in Bungie yielded a multiple return upon its successful exit in 2022 when Sony acquired the studio for $3.6 billion.
In a GDC 2026 presentation, Zhu revealed that over his decade at NetEase, he supported more than 100 game studios or projects, involving over 10,000 developers. The companies he backed collectively generated billions of dollars in annual game revenue.
In April 2025, Zhu published a 3,000-word farewell letter on LinkedIn titled "Game On, Break Free." The letter reflected not on grievances but on his childhood connection to games from age three and his 13-year career journey at NetEase, concluding with special thanks to former leaders Ding Lei and Ding Yingfeng. He wrote, "After an incredible twelve years at NetEase Games, I am closing this chapter with the same passion I had on day one. It has been a privilege to work in the games industry."
The confidence for this venture stems, first and foremost, from the trust of capital. GTG has secured $40 million in funding and approximately $60 million in funding commitments, totaling around $100 million. The company has been operating in stealth mode since receiving its initial capital at the end of 2025. For privacy reasons, Zhu has not disclosed the specific investors, only revealing that the backers are successful entrepreneurs from the gaming and technology sectors—individuals with deep industry understanding and practical experience, not purely financial capital.
Announced alongside this funding are the first three major studios in GTG's investment portfolio. First is Arcanaut Studios in Edmonton, Canada, led by veteran game director Casey Hudson of *Star Wars: Knights of the Old Republic* and *Mass Effect* trilogy fame. The studio's first project, *Star Wars: Knights of the Old Republic – Destinies*, was announced at the 2025 TGA awards and is being developed in collaboration with Lucasfilm Games as a narrative-driven single-player action RPG.
Second is BulletFarm in Los Angeles, helmed by former *Call of Duty: Black Ops* series lead and Treyarch studio design director David Vonderhaar. It is in the early development stages of a new first-person multiplayer/co-op game. Notably, NetEase had previously scaled back its investment in BulletFarm, yet Zhu chose to include this studio in GTG's initial portfolio after his departure.
Third is MAGship in Tokyo, Japan, led by former Konami executive Masato Sakai, who played a key role during the peak international expansion of the Yu-Gi-Oh! IP. It focuses on investing in Japanese anime projects and is positioned as a "core pillar of GTG's overall IP strategy."
In terms of business structure, GTG employs a unique model where founding teams of the subsidiary studios co-own the company. By granting management ownership of their individual studios alongside shared equity in the GTG group, the model creates a high degree of aligned interests. GTG provides creators with full funding, end-to-end support, and significant autonomy, aiming to free studios from operational burdens so they can focus entirely on creating "timeless games."
Against the broader industry contraction, Zhu's move is based on a distinct cyclical view. "The big tech companies are out. The capital is out. Now they all want to invest in AI," Zhu acknowledged, adding, "But I think the industry has overcorrected."
GTG's official press release frames this more systematically: "GTG is bringing common sense back to the games industry." This view was elaborated in his GDC 2026 talk. He argued that the current industry turmoil stems from hundreds of studios hastily opening during the early pandemic, often with only 20% of the necessary resources. The current challenges are the lagged cost of that earlier overheating, which is "a completely different thing from the entire games industry collapsing." He further noted that, over the long term, the fundamental logic of games remains unshaken, describing them as "the most immersive, most interactive, most accessible, and most affordable entertainment medium ever created."
To support this view, he cited compelling generational data: his parents' generation hardly played games, about half of his own generation are players, and for his daughter's generation, that proportion exceeds 90%. This natural expansion in generational penetration means the games market grows by about 7% annually even if nothing else changes.
Zhu's timing creates a stark contrast with industry trends. According to industry sources, after NetEase scaled back its overseas investments, it attempted to have some portfolio teams find new funding to survive. Some, like Japan's Nagoshi Studio, have yet to secure new investment long after NetEase announced its withdrawal.
In this climate of collective capital retreat, Zhu's background is not as a game producer but as an investor and business operator. His ability to secure $100 million at an industry low point hinges on the personal credibility built over years in the global gaming community. Investors trust not his game design skills, but his eye for talent, ability to integrate resources, and extensive network of contacts.
GTG's bet is not on replicating proven successes in traditional lanes, but on strategically positioning itself to acquire top-tier, proven talent at a lower cost as giants retreat. While many believe the "best days of the games industry are over," Zhu's answer is that the fundamental appeal of games as an entertainment medium has never wavered. In 2026, GTG aims to be the most practical embodiment of that conviction.
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