CMC’s Li to helm HK icon Shaw

Film brand un­veils grand dream to glob­al­ize ‘Chi­nese-lan­guage cul­tural in­dus­tries’

China Daily (USA) - - BUSINESS - By LUOWEITENG in Hong Kong sophia@chi­nadai­lyhk.com

Li Ruigang, chair­man of China Me­dia Cap­i­tal, has been ap­pointed chair­man and non-ex­ec­u­tive di­rec­tor of Shaw Broth­ers, Hong Kong’s iconic pro­ducer and dis­trib­u­tor of films.

Two oth­erCMC­group ex­ec­u­tives join Li at Shaw. Jiang Wei, man­ag­ing di­rec­tor of Grav­ity Pic­tures, a unit of CMC that dis­trib­utes film in the Chi­nese main­land, has been ap­pointed ex­ec­u­tive di­rec­tor of Shaw. Thomas Hui, pres­i­dent, ex­ec­u­tive di­rec­tor and chief strat­egy of­fi­cer of CMC Hold­ings, CMC’s strate­gic in­vest­ment arm, will join Shawas non-ex­ec­u­tive di­rec­tor.

The trio will take the places of Al­lan Yap, chair­man, and GuJiong andWong KaChing, di­rec­tors, re­spec­tively, who are leav­ing Shaw to pur­sue other “com­mit­ments”.

Li’s rise to the top of Shawis aimed at re­ju­ve­nat­ing the most fa­mous brand in the Chi­nese-lan­guage film in­dus­try so it could gain a prom­i­nent global pres­ence, in­dus­try ob­servers said.

Shaw is jointly held by TVB andCMCHold­ings, with each own­ing a 24.65 per­cent stake as of June.

“Team­ing with­TVB, CMCis look­ing to re­vive the leg­endary brand of Shaw Broth­ers, which marks a mile­stone for the de­vel­op­ment of Chi­ne­se­lan­guage cul­tural in­dus­tries,” Li told me­dia in Hong Kong on Thurs­day.

At the event, he un­veiled his am­bi­tious road map for the part­ner­ship for the com­ing year.

“Look­ing ahead, CMC will con­tinue to beef up its in­vest­ment in Hong Kong’s me­di­are­lated busi­ness. The city’s bur­geon­ing pool of tal­ent, es­tab­lished in­dus­try struc­ture, the world-renowned rule of law and the so­phis­ti­cated cap­i­tal mar­ket all pave the way for the lo­cal film in­dus­try to stage a come­back,” Li said.

Founded in Hong Kong back in the 1950s, Shaw Broth­ers has long been hailed as the poster child of the ter­ri­tory’s once-thriv­ing movie in­dus­try and the cra­dle of the re­gion’s movie tal­ents.

The tie-up be­tween TVB with CMC goes back to April last year, when CMC bought into Young Lion Hold­ings, which in­di­rectly holds 26 per­cent of vot­ing shares in TVB.

The in­vest­ment marks the very first time a ma­jor main­land player has ac­cess to a con­trol­ling stake Kong’s dom­i­nant broad­caster.

The pair joined hands with Warner Broth­ers En­ter­tain­ment to set up Flag­ship En­ter­tain­ment Group in March, bet­ting on the pro­duc­tion and dis­tri­bu­tion of Chi­nese-lan­guage films for a grow­ing in­ter­na­tional au­di­ence. The al­liance’s first batch of 12 Chi­nese movies is in the pipeline.

Li’s rise to the top of Shaw Broth­ers, and his re­cent moves, could deepen CMC’s co­op­er­a­tion with TVB, in­dus­try ob­servers said.

Dubbed “China’s Ru­pert Mur­doch”, Li found­edCMCin Shang­hai in 2011 to in­vest in me­dia, en­ter­tain­ment, film and sports sec­tors in and out­side China. in Hong free-to-air

Li Ruigang, chair­man of CMC, and now Shaw Broth­ers

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