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China Film Group chief Han Sanping is retiring as president of the mighty state-owned colossus China Film Group Corporation and will hand over his role to deputy chairman La Peikang and Jiao Hongfen.
Confirming an exclusive report in The Hollywood Reporter in January, Chinese state press report that Han, now 60, is officially retiring from CFG. But he is expected to remain in the film business as a consultant, heading up a large state-owned film fund, industry sources tell THR.
EXCLUSIVE STORY: Major Leadership Shake-Up at China Film Group
He has also been linked to long-gestating plans for an initial public offering for at least a part of China Film Group.
CFG is a dominant player in the Asian business, overseeing most of the financing, production, distribution, export and import of films into China.
Han was made deputy chairman of China Film Group in 1999 and was promoted to chairman in 2007. Over the course of his career, he has co-produced titles with various Chinese cinematic luminaries, such as Chen Kaige, Peter Chan, Stephen Chow and Johnnie To. The Chinese box office increased twenty-fold during his tenure.
PHOTOS: China Box Office 2013: The Top 10 Movies
Local media reports also confirmed that Fu Ruoqing, who is also a vice president at China Film Group, replaces Gu Guoqing as the chairman of China’s second-biggest film distributor, Huaxia Film, while Cao Yin replaces Yan Xiaoming as the head of CCTV6, or China Movie Channel.
Xu Chuantong and Ren Wangling of the E’mei film studio hailed Han’s achievement for transforming box office during his career, and said, “Han Sanping is a true hero of Chinese cinema.”
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