Phoenix, which started in 1996, has turned a page: founder Liu Changle sold nearly 38% of Phoenix to Bauhinia Culture Group and Shun Tak Group, which is described as a “backbone central enterprise” under China’s Ministry of Finance.
According to the announcement of Phoenix TV, Liu Changle, the former chairman and major shareholder of Phoenix TV, sold 37.93% of Phoenix TV shares through his Asia Today Limited on April 16 and 17, of which 21% was sold to Bauhinia Culture Hong Kong and 16.93% was sold to Shun Tak Group.
In this way, Liu Changle has almost cleared all the shares of Phoenix TV in his hands. Now Phoenix’s largest shareholder has become the central enterprise Bauhinia Culture Hong Kong.
The Central News Agency said that although Phoenix is positioned as a pro-Beijing media, this share delivery case symbolizes the completion of the formalities for the Chinese forces to officially take over Phoenix TV.
The central enterprise, Bauhinia Cultural Group, which holds 21 percent of Phoenix’s shares, was formed in Hong Kong in February as a “cultural central enterprise” to oversee four major Chinese-owned publishers in Hong Kong, including United Publishing Group, Bauhinia Magazine, Yindu Agency and China Culture City, as well as booksellers such as Sanlian Bookstore, Commercial Press and China Bookstore.
According to Wikipedia, Phoenix TV founder and board chairman Liu Changle joined the People’s Liberation Army during the Cultural Revolution and moved to the military unit of the Central People’s Broadcasting Station as a journalist in the 1980s.
On March 30, 1996 at 19:00 Hong Kong time, Phoenix TV held its official launch ceremony. Phoenix is available in parts of mainland China, and the vast majority of its board members and advertising revenue come from mainland China.
The media outlet is consistent with China’s official stance on news and reporting, but has a tactful and flexible approach to issues and production style.
Phoenix operates in Hong Kong under a “non-domestic television program service” license, but describes itself as a “Hong Kong media outlet”, for example, at a press conference with Chinese Premier Li Keqiang in March 2013, reporter Hu Yihu mentioned that he was from Phoenix in Hong Kong and represented the Hong Kong media. Asking questions.
Phoenix was listed on the Hong Kong Growth Enterprise Market on June 30, 2000, transferred to the Main Board of the Hong Kong Stock Exchange in 2008, and listed on the New York Stock Exchange in 2011 as part of Phoenix New Media (NYSE: FENG).
In 2014, Liu Changle founded “Phoenix Finance” platform, which provides P2P lending services, with his son-in-law He Xin as the legal representative.
On March 7, 2018, the company changed its name to “Phoenix Satellite Television Investment (Holdings) Co.
On September 11, 2020, Phoenix Financial, of which Liu’s son-in-law He Xin was the legal representative, suddenly stopped its online lending business without any public announcement or notice, and stopped the repayment of principal and interest to all lending users, leaving more than 70,000 users with approximately RMB 9.6 billion in lending money in disguise. “The money lent by more than 70,000 users amounted to RMB 9.6 billion and was lost in disguise.
At the end of February 2021, Xu Wei, former spokesman of the Shanghai Municipal People’s Government and director of the Municipal Government Information Office, became CEO of Phoenix; Sun Yusheng, former deputy editor-in-chief and deputy director of CCTV in China, became executive vice president and editor-in-chief of Phoenix TV, whose work is accountable to the CEO.
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