Government News
Tencent Becomes Sole Owner of E-Book Platform China Literature 2022-10-23
Tencent Becomes Sole Owner of E-Book Platform China Literature
Chinese internet behemoth Tencent Holdings is the only shareholder of China Literature, and the founding team no longer holds any equity in the online reading website, according to corporate registration data.
Ningbo Meishan Bonded Port Area Yuebao Investment, whose shareholders are founding members of China Literature, has withdrawn completely from the e-book platform and does not own any shares, according to information on the National Enterprise Credit Information Publicity System on Oct. 14.
The parting of ways marks the start of a new direction for China Literature, which started off as an online chat room. Former Chief Executive Officer Wu Wenhui together with other participants in the chat room then formed e-book site Qidian, which was snapped up by Tencent for USD800 million in March 2015 and merged with China Literature.
Wu, who holds an 80 percent stake in Yuebao Investment, stepped down as CEO of China Literature in April 2020 and was replaced by Cheng Wu, vice president of Tencent. The same month, other senior managers also departed.
China Literature needs a brand new management team, Wu Wenhui said at the time. There needs to be more collaboration between e-books and Tencent’s digital content such as animation, films, TV series and games to stimulate the potential power of the online literature ecosystem and high-quality intellectual property works, he added.
In June, Tencent said that Cheng will be standing down as vice president of the Shenzhen-based firm to devote more energy to his role as CEO of China Literature, The Paper reported, citing a company insider. China Literature has started to incorporate some of Tencent’s films, TV series and animations into its portfolio and it is focusing on turning its intellectual property visual.
Source: Yicai
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