Liu Changle resigns as Phoenix Media chairman
Tuesday, June 22, 2021
Phoenix Media Investment (2008) founder Liu Changle has resigned as chairman and executive director, the company announced.
Liu has sold a 37.93 percent stake, or 1.89 billion shares, to local property and transport conglomerate Shun Tak (0242) and state-backed publisher Bauhinia Culture (Hong Kong) for HK$1.16 billion.
Chief executive Xu Wei, has been appointed chairman, an executive director, and chairman of the risk management committee.
Shun Tak's executive chairwoman, Pansy Catalina Ho Chiu-king, is appointed as vice-chairman and non-executive director. She is the daughter of late casino magnate Stanley Ho Hung-sun.
Chui Keung, executive director, also resigned as an executive director, chairman of the risk management committee, a member of the nomination committee, and the authorized representative. Wang Jiyan will step down as executive director.
Sun Yusheng was appointed as an executive director and a member of the nomination committee and the authorized representative. Sun Guangqi has been appointed as a non-executive director.
Media reports in February said Liu and his family would step down from management to make way for Beijing-appointed executives. The takeover is purportedly linked to the company's financial borrowing crisis, affecting 70,000 people and involving almost 10 billion yuan. He Xin, the son-in-law of Liu, was detained by Chinese police earlier last month on suspicion of illegal absorption of public deposits.