October 16, 2009
Rumors run wild through media over the team resignation of Caijing Magazine and the battle for control and leadership in China’s most successful business magazine. Around 11 October, resignations were submitted by over two-thirds of the 100 or so employees in the business department, including Caijing general manager Daphne Wu Chuanhui and eight of her nine business directors. However, the negotiation continues between founder/ chief editor Hushuli and the Stock Exchange Executive Council (SEEC), the outcome is not optimistic.
It is believed that soon the team of Hu Shuli and Wu Chuanhui will establish another finance Magazine possibly named CaiXin Weekly (财经新闻周刊) and online media CaiXinNet (财新网) as well. Some Caijing insiders gave the information that the resignation was planed even earlier this year around August. The China Times found an interesting domain name “CAIXINNEWS.COM” (财新新闻) which is registered by Weiping Kang (康伟平), an editor of Caijing Magazine on the 6th of August. this domain registration unveils the possible date when either party started to set up their tactic – a strategic move from Hu Shuli or just one defensive registration of Caijing Magazine.
Among the media and Internet, many people show their respect to Ms Hu Shuli and her fellow team members. Over the last tem years, Caijing has built up its reputation by independent standpoint and unique perspective in reporting. Caijing is China’s most profitable financial magazine, with annual advertising income of more than 200 million yuan. However, the salary of Caijing staff doesn’t match its rank and influence in the market. Wang Ran, a close friend of Hu Shuli and a famous investor in China said in his blog that from the perspective of business ethics, Hu Shuli should persuade some of her team members to stay in Caijing Magazine, as for Hu Shuli herself after her planned resignation, one year or so keeping away from this business, even there’s no signed non-compete agreement.
The fierce battle for control shakes China’s Caijing magazine so deeply that some observers claim this will be the beginning of Caijing’s down-turn. After the left of its editors and journalists, Caijing has to fight against the attack from its former founder and fellow staff members in CaiXin Weekly.