Chinese movie mogul Wang Zhongjun, co-founder of Huayi Brothers Media, has stepped down as chairman of holding company Huayi Tencent Entertainment.
Established in 2016, the firm, which is listed on the Hong Kong stock exchange, has been used by Huayi Brothers, Tencent and its other investors as a vehicle to co-finance international films and buy stakes in companies listed outside China.
The joint venture was established when its backers took over a Hong Kong-listed shell company that was formerly a retirement home developer in Hong Kong.
Huayi Tencent's recent investments include the South Korean sci-fi film Space Sweepers, the Russo brothers' crime drama Cherry and Roland Emmerich's forthcoming sci-fi action film Moonfall.
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