1 On January 29, Wanda Film (002739.sz) announced that after review and approval at the company’s second extraordinary general meeting of shareholders in 2024, Chen Xi and Gong Qiao were elected as non-independent directors of the company’s sixth board of directors. At the same time, the board of directors agreed to elect Chen Xi as the chairman (and president) of the company's sixth board of directors, and the company's legal representative will be changed to Chen Xi.
The news did not come suddenly. Both Chen Xi and Gong Qiao have working backgrounds in Chinese Confucianism (0136.hk). Half a month ago, China Ruyi announced that executive president Chen Xi (stage name "Chen Zhixi") resigned due to other business matters.
More than a month ago, Wanda Films completely opened a new chapter in its destiny: leaving Wang Jianlin and embracing "Confucianism". On December 6, 2023, Wanda Film announced that the company’s indirect controlling shareholder Beijing Wanda Cultural Industry Group Co., Ltd. and its wholly-owned subsidiary Beijing Hengrun Enterprise Management Development Co., Ltd., and the company’s actual controller Wang Jianlin planned to transfer their total holdings to The company's controlling shareholder, Beijing Wanda Investment Co., Ltd., transferred 51% of its equity to Shanghai Ruyi Investment Management Co., Ltd. (hereinafter referred to as "Shanghai Ruyi Investment").
Chen Xi, the new chairman of Wanda Film, joined Ruyi Pictures in 2015 as president. From 2021, he will serve as the executive director of China Ruyi Holdings Co., Ltd. (0136.hk). He has invested in and produced "囧" and "Pancake Man" and served as a producer; during his tenure at Ruyi, he invested in and produced high-box-office hits such as "Hot", "Keep You Safe", "Walking Alone on the Moon" and "Hello, Li Huanying".
Chen Zhixi first entered the film and television industry as an actor. In 2003, when she was still a junior in the performance department of the Central Academy of Drama, she became famous for her collaboration with Siqin Gaowa in "Out of the Blue Water River" and her role as "A Flower" in the film. In 2010, 28-year-old Chen Zhixi began a new journey in life and transformed into a producer.
According to previous reports by Red Star News, Chen Zhixi is known as the "Beauty Producer" in the circle. She has served as producer and supervisor of works such as: "Hot", "Keep You Safe", "Hello, Li Huanying", "Good Luck", "Animals" "The World", "Detective Chinatown", "囧", etc.
Source: Chen Zhixi Weibo
According to previous reports from the Beijing News, Chen Zhixi is one of the "most profitable" female film traders in the industry and is known as a tens of billions producer. In 2012, she participated in the production of "Embarrassed in Thailand", which was released and earned a total box office of 1.27 billion yuan with a cost of 30 million yuan, setting a new box office record for the year. In July 2015, "Pancake Man", a collaboration between Chen Zhixi and Dapeng, was released and earned 1.159 billion at the box office at a cost of 50 million.
Chen Zhixi has repeatedly bet on popular hits, such as "Detective Chinatown 1", "Animal World", "Send You a Little Red Flower" and "Hello, Li Huanying". In 2021, Ruyi Pictures bought out the related income sharing of "Hello, Li Huanying" from the first producer Beijing Culture at a guaranteed price of 1.5 billion. In the end, the box office of "Hello, Li Huanying" exceeded 5.4 billion. With this transaction, Ruyi Pictures successfully completed the gambling agreement.
On the evening of the 29th, Dapeng also posted on Weibo, saying, "Because of Xixi, I became a film director. We have worked together for ten years and five films. Xixi is my engine and sense of security."
editor | Lu Xiangyong, Yi Qijiang
proofreading | Liu Siqi
Daily economic news is comprehensive from listed company announcements, Red Star News, Beijing News
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