Wanda Film Drops After Chinese Cinema Giant Names New Chief
Shi Yi
DATE:  Jan 30 2024
/ SOURCE:  Yicai
Wanda Film Drops After Chinese Cinema Giant Names New Chief Wanda Film Drops After Chinese Cinema Giant Names New Chief

(Yicai) Jan. 30 -- Wanda Film Holding's shares fell after China's biggest cinema chain appointed Chen Xi, an executive director at movie production house China Ruyi Holdings, as chairwoman and president.

Beijing-based Wanda Film [SHE: 002739] ended 3.8 percent lower at CNY11.52 (USD1.62) a share today, after earlier dropping by as much as 4.3 percent. The Shanghai Composite Index fell 1.8 percent.

Born in 1982, Chen, who will also be Wanda Film’s legal representative, has been executive director of Hong Kong-based Ruyi and president of Shanghai Ruyi Television Production since 2015.

She graduated from the Central Academy of Drama with a bachelor's degree in performance and holds a master's degree in finance from the business administration program of Tsinghua University's PBC School of Finance.

The one-time actress turned producer in 2010 and has been one of the most profitable in China's movie and TV industry. While at Ruyi, she has been an investor and producer of highly successful flicks, including Moon Man and Hi Mom. With a box office of CNY54 billion (USD7.6 billion), Hi Mom ranks among the country's top 10 highest-grossing films.

Shanghai Ruyi Investment Management, which belongs to Ruyi Chairman Ke Liming, paid CNY2.2 billion (USD310 million) to debt-laden Dalian Wanda Group for a 51 percent stake in Beijing Wanda Investment, controller of Wanda Film, Wanda Film said on Dec. 12. Ke already owned the rest of Wanda Investment, for which he paid CNY2.3 billion last July.

The deal gave Ke 20 percent equity in Wanda Film. Tycoon Wang Jianlin, who owns Dalian Wanda, had his stake diluted to 10.9 percent, becoming the second-biggest shareholder. 

Editor: Martin Kadiev

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Keywords:   Wanda Film