(Yicai Global) April 28 -- Shares in China Literature have surged today after the firm revealed that majority shareholder Tencent was installing a new chief to completely overhaul the content platform’s senior management team.

Its stock [HKG:0772] was up 15 percent at HKD36.75 (USD4.74) at the lunch break today.

Co-Chief Executive Wu Wenhui, known as the ‘heart and soul’ of the company, is stepping down to become a non-executive director and vice chairman, China Literature said in a statement yesterday. Another co-CEO Liang Xiaodong, President Shang Xuesong, and Senior Vice President Lin Tingfeng will also shift to consulting positions as Cheng Wu, vice president at Tencent and CEO of Tencent Pictures, corrals a new team to fill out the top spots.

“Tencent is a social media giant but not so good at running content platforms,” one source close to Tencent’s investment department told Yicai Global, expressing concern over the move. “China Literature’s management team renewal will probably cause more uncertainties in its future development.”

China Literature is China’s biggest online library and is more than 56.5 percent owned by Tencent. It has a host of intellectual property in literature, many of which have been adapted for film and television, and generates over 50 percent of its revenue from copyright licensing. Wu has a 2.67 percent stake in the company, which he joined after it acquired his own firm Qidian.Com.

Editors: Tang Shihua, James Boynton