Hu shuli, the chief editor of Caijing, Chinese most influential magazine, may resign to launch a new venture after journal's Daphne Wu Chuanhui and nearly 70 employees, or more than two-thirds of the business department, had resigned.
It’s reported that Hu shuli will launch a new magazine name “Caijing Newsweek Magazine” People who Know the fact well said that,” They are registering a New company, which may be named Caixin Limited Co.LTD, with 1 million, all from the resiged people from Caijing. Wu Chuanhui and other resigned employees of Caijing are preparing for the news Maazine
I think new magazine will be publish since we editorial department resign together,” a journalist in Caijing said.
It said that the mass resignation is followed escalating pressure in recent months by the Stock Exchange Executive Council (SEEC), to rid the outspoken magazine of its widely reputable editorial independence.
The key is, the SEEC wants to intervene and censor all of our financial stories, particularly cover stories and investigative reports. That's unbearable (for us), one source said.
None of the real stories we used to run would have been OK (with the SEEC) if they stepped in, the source said. SEEC is Caijing’s owner, the unique shareholder, which always to intervene and censor the most important articles since July .
Caijing boasts a circulation of 225,000 and is a major money-maker for the Hong Kong-listed SEEC Media Group, which owns and publishes the magazine. The journal pulled in HK$ 54.1 million ($6.9 million) in the first half of this year, contributing about 47 percent of the SEEC Media Group's total revenue during the period.
Hu Shuli ,56-year-old, a veteran journalist herself, called the “most dangerous women in China”, has kept the Beijing-based bi-weekly vocal on issues relating to official scandals, corporate fraud and public health emergencies since it was founded in 1998.