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Huayi Brothers Mounting Losses Topple CEO Jerry Ye

10.07.2020 - 19:35

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variety.com:

By Patrick Frater Asia Bureau Chief Losses at Huayi Brothers Media one of China’s longest-running private sector film studios, hit $567 million in 2019.

CEO Jerry Ye (aka Ye Ning) has been removed and will be replaced by James Wang Zhonglei, co-founder of the group. The company issued several dozen documents to the Shenzhen Stock Exchange on Wednesday, covering the 2019 losses, further losses in the coronavirus-hit first quarter of 2020, and plans to raise some $325 million from outside investors.

Huayi was one of the pioneers of film-making in the era after China ended the state studio monopolies at the beginning of the 21st century.

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