Production company Jiangsu Straw Bear Films Ltd, was founded by Taiwanese actor-singer Nicky Wu in 2014. A 20 percent share in the company was later gifted to Nicky’s wife, Chinese actress Cecilia Liu in 2015, as part of his wedding gift to her.
Since then, the actress has acted as the company’s legal representative and executive board member. The company is also backed by Chinese actress Zanilia Zhao (or Zhao Liying), making it a force to be reckoned with.
However, in recent months, following the news that the Chinese government is cracking down on entertainment businesses and their financial handlings, with Chinese actress Fan Bingbing’s tax evasion scandal as an example, investors have slowly been pulling back from related companies.
The film arm of Chinese conglomerate, Alibaba Group, has also sold off its shares in Jiangsu Straw Bear Films. The registered capital of Jiangsu Straw Bear Films then dropped to RMB$10 million (approximately S$440 000), from RMB$11.76 million (approximately S$520 000), as a result.
According to reports, Cecilia also sold off all her shares in Jiangsu Straw Bear Films in July, and has since stepped down as the company’s legal representative and executive board member. Though the reason behind her decision was not reported, it is speculated that the actress had done so to avoid the fallout from Bingbing’s tax evasion scandal. Jiangsu Straw Bear Films has also been renamed to ‘Beijing Qishibang Ltd’.
Photos: PBE Media