Liu Changle resigns as Phoenix Media chairmanBusiness | 22 Jun 2021 6:49 pm
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.