It seems that the game requires not just DirectX 11, but at least DirectX 11.1. If you are on Windows 7 (like me) and have 'Unreal Engine has stopped' error at launch, installing Windows Update KB2670838 may help.

This works. Thank you, dude.

If anyone has issue with the game, if the game can't launch despite your rig meets minimal requirements, and you are using Windows 7, search for Windows 7 Platform Update, and install it.

Here is the official link: https://www.microsoft.com/en-us/download/details.aspx?id=36805

Select 64bit version.

Thanks 4 the hint!
Works flawlessly now.