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Cheng Steps up at SMI

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

Still of "Love for Life."[Photo:filmbiz.asia]

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

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