Reports say Hong Kong-based pro-communist media Phoenix Satellite Television has seen a major earthquake at the top, with Xu Wei, party secretary of the Shanghai Academy of Social Sciences, and Sun Yusheng, deputy director of CCTV, set to take the helm, while Liu Changle, 69, who founded Phoenix Satellite Television, and members of his Family are all out. Phoenix sent out an announcement on Wednesday that the company is now considering appointing a new candidate to the post of chief executive “to separate the roles of chief executive and chairman of the board.
The announcement also said that as of Wednesday, Phoenix has not yet made any relevant decision, and the relevant changes may not occur. The announcement stated that any relevant changes will be announced in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The announcement also stated that, in addition to the above disclosure, no other changes in the directors and senior management of the company are under consideration and the company is not aware of any other inside information under Part 14A of the Securities and Futures Ordinance.
On Tuesday, a report cited unconfirmed rumors that the personnel restructuring of Phoenix TV was related to the explosion of its Phoenix Financial P2P lending case, which involved as many as 70,000 victims and nearly 10 billion yuan, and that the Chinese Communist Party took the opportunity to step in and further strengthen control.
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