Golden Horse Zhang ZiyiJia ZhangkeZhang Yimou"Conspirators"Bona

Cheng Steps up at SMI

2012-06-11 09:38:47        Chinese Films

Still of "Love for Life."[]

Chinese theatres and film investment group SMI Corp has appointed Cheng Chi Chung as its CEO. Qin Hong, who held the post until last week, will remain as group chairman and an executive director.

SMI said that it made the move in order to comply with Hong Kong stock market rules that require separation of powers with listed companies.

Cheng, already a vice president and executive director of the company, has previous experience with other companies including Beijing Gome Online and China Seven Star Shopping. His annual director's fee is set at RMB1.44 million ($229,000).

For the year to December 2011, SMI reported that revenues doubled to HK$736 million ($95.0 million). Net profits dropped by 19% to HK$100 million ($12.9 million) after substantially higher tax and depreciation charges.

SMI opened 22 new multiplexes with 153 screens in cities including as Beijing, Shanghai, Tianjin, Changsha, Hefei and Kunming. in 2011. These lifted its year-end total to 37 complexes with a total of 258 screens.

The company also invested in five films last year including We Pictures' Wu Xia and Mr & Mrs Incredible and Edko Films' Love For Life (pictured).

Source: Film Business Asia

Related News
Related News
v World-class Digital Film Studio in Sight 2012-05-31 13:36:36
v Visualizing the Future 2012-05-24 13:05:30
v Montreal Fest Reaches out to China 2012-05-24 09:09:07
v Base FX in ILM Pact 2012-05-23 16:56:43
v Chicorel Launches Chinese Banner under Shoreline 2012-05-22 15:58:59
v Wanda-AMC Now the World's Largest Cinema Owner 2012-05-22 15:53:43
v Bona Film Group Boosts Credit Facility to $80m 2012-05-21 09:11:26
v Hollywood Takes Bigger Slice of China Biz 2012-05-17 16:08:17
v Mandragora Partners with Chinn Film Group 2012-05-15 13:04:24
What's Coming Up / What's On
News / Industry Inside
Chinese Film TOP5
Editor’s Weekly Pick
  About Us  |  Contact Us  |  CRI Online  |  CRI ENGLISH  |  SARFT  |  CRI Mobile  |  Oldies Online  | 24EN.COM