A major earthquake has been reported at the top of China’s Phoenix TV, with Phoenix insiders confirming to the station that founder Liu Changle and his Family have completely withdrawn from management. There are even rumors on the mainland internet that Phoenix has been nationalized.
Hong Kong 01 reported on Tuesday (9) that government officials have taken over Phoenix directly, with Xu Wei, secretary of the party committee of the Shanghai Academy of Social Sciences, taking over as chairman of Phoenix, and Sun Yusheng, deputy director of CCTV, taking over as general manager of Phoenix, while Liu Changle’s family has all quit Phoenix, with the new appointment not formally announced to all staff.
Xu Wei, the party secretary of Shanghai Academy of Social Sciences, comes from a journalist background and has long been in charge of the propaganda department in Shanghai, where he was the director of the Shanghai Municipal Government Information Office. Sun Yusheng, also a journalist by birth, has long worked in CCTV. In addition, the net rumor also said that some employees in Phoenix have not received their salaries for three months.
The report also said that the personnel adjustment is related to its Phoenix Financial burst case, in recent years, there are a lot of mainland investors out of trust in Phoenix, will lend funds to Phoenix Financial, by them to lend to people who need funds, from which to obtain not high interest.
The market is full of rumors that Phoenix Financial has a broken capital chain
On September 11, 2020, Phoenix Financial suddenly stopped its online lending products without any public notice, and on September 30, Phoenix Financial issued a statement in response to speculation that it had “run away”, saying that it had stopped its online lending business because “some products were not paid back in Time. “The company’s products are not available in time. On November 5 of the same year, Phoenix Financial issued another public statement, saying that it would “maximize the protection of the rights and interests of lending users” and “is developing a diverse exit pipeline to help lending users carry out exit work”.
For months, lenders have been negotiating with the platform manager, repeatedly complaining on Weibo and Black Cat Complaint, and even blocking the office building, but have not seen the repayment plan. As of October 2020, Phoenix Financial platform reportedly had a stock of 70,400 users across China, with a stock lending balance of about RMB 9.8 billion.
Phoenix launched in Hong Kong in March 1996, and its founder and board chairman is Liu Changle, a former PLA officer. Phoenix has always claimed to be a Hong Kong-based media organization to the outside world, and the company was listed on the Hong Kong Growth Enterprise Market on June 30, 2000. However, the general public opinion is that Phoenix is more like a mainland news organization in terms of its business model, editorial approach to news reporting, and even its staff, and in fact, Phoenix’s audience is mainly from mainland China.
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