Han previously had his term at CFG extended, but now steps aside having reached age 60. He is expected to head a new state-backed film fund that is in the process of being assembled.
The changeover at the top of CFG comes as the giant slowly moves towards a stock market flotation. An CFG IPO has been mooted by Han for several years, but it was delayed by the great financial crisis in 2008-09 and turmoil on world stock markets and by ongoing internal reorganization. No timetable has yet been set, and Chinese stock markets remain unhealthy.
CFG is a central to many aspects of the Chinese film industry. It has roles as financier, producer, exhibitor and exporter. It is the sole licensed importer of films into China and, along with Huaxia Film Distribution, has a near monopoly over the distribution of revenue-sharing imported movies.
The changes at CFG also come at a time of changing seats at other state-owned Chinese media. Fu Ruoqing is expected to succeed Gu Qingdong as president of Huaxia Film Distribution, China’s second string distributor. Cao Yin will succeed Yan Xiaoming as director of CCTV China Movie Channel.
Has, who has also directed films including “Beginning of the Great Revival” and “Founding of the Republic,” has been producer of numerous films by some of Greater China’s biggest name directors including Peter Chan, Chen Kaige and Stephen Chow.