On April 27, China Read Group (HK: 00772) announced the adjustment of the management team, former co-CEO Wu Wenhui and Liang Xiaodong, President Shang Xuesong, Senior Vice President Lin Tingfeng and other members of the executive team resigned, Wu Wenhui will be transferred to non-executive director and vice chairman of the board, Liang Xiaodong and other senior executives will serve as group consultants to help the smooth transition of the new management team;

Cheng Wu, Vice president of Tencent Group and CEO of Tencent Pictures, is the CEO and executive director of China Literature Group, and Hou Xiaonan, vice president of Tencent Platform and Content business Group, is the president and executive director of China Literature Group.

Previously, the Beijing News exclusively learned that the management team of China Literature Group changed, and the Tencent team will manage China Literature Group, and the successor of the co-CEO is Cheng Wu, vice president of Tencent Group and chief executive officer of Tencent Pictures. Shares in China Literature rose 5.97 per cent to HK $31.95 during afternoon trading, when the rumours were rife, giving the company a market capitalisation of HK $32.5bn.

Wu Wenhui's most recent appearance as the co-CEO of China Reading Group was on April 21, congratulating the sixth China Digital Reading Cloud Conference on the video, when he was dressed in brown leather, affectionate slightly tired, and some gray hair.

"The [former] boss and several senior executives are very hardworking people. I remember that during ChinaJoy, he stood ina full suit in the exhibition hall at more than 30 degrees, giving explanations and receiving visiting leaders and audiences. For a whole day, we could see their efforts," said an employee of China Reading Group.

In the official statement, China Literature Group described Wu Wenhui as "the founder and founder of the online literature industry", "He led the core management team, based on Qidian.com to create the business model,

operation system and writer incubation system of online literature, and achieved important milestones such as the company's IPO, the acquisition of Xinli Media and the construction of literary IP copyright system."

It has laid a solid foundation for the development of China Literature Group in the new cultural and creative era, "said the official statement of China Literature Group.

"This year, it is the 5th anniversary of the establishment of China Literature Group, but also the 18th anniversary of Qidian.com, as a founder, it is like seeing their 'children' finally come of age." And at this moment, like many parents, we need to both accompany our children to grow up together, but also take a step back in time to let them start a new life journey."

Wu Wenhui said that in the future, China Literature Group needs to further build a more open ecology and new business rules that are more in line with future trends based on IP, which needs to be changed through more thorough management.

Bytedance, Lianchang Group, and Interesting Headlines have aggressively entered the online literature industry in the past year, and also proposed a free model that is opposite to the original payment model, which is the biggest problem faced by China Literature Group last year.