Wanda's asset-light platform, Zhuhai Wanda, has welcomed its first female CEO.
According to informed sources, Zhuhai Wanda Commercial Management recently issued a notice regarding the appointment of a Chief Executive Officer (CEO) and Chief Operating Officer (COO). Xu Fen has been appointed as CEO, taking full responsibility for the company's management and operations. Concurrently, Huang Dewei, the Co-Chairman of Zhuhai Wanda, will no longer serve as the acting CEO.
Simultaneously, Chen Qi was appointed as the Chief Operating Officer (COO). Chen previously served as President at Excellence Commercial Management and CIFI Commercial Management, and held key operational roles as a core senior executive at Longfor Commercial Management and CapitaLand.
What appears to be a straightforward executive change actually signifies the return of a Wanda veteran to a crucial operational position within the company.
Over half a year ago, Xiao Guangrui, a veteran of the Wanda group, resigned from his positions as CEO of both Dalian New Da Meng and its subsidiary Zhuhai Wanda for personal reasons. Following his departure, Huang Dewei and Hu Zhengwei were appointed as Co-Chairmen of both entities, with Huang Dewei also assuming the role of acting CEO.
At that time, market observers suggested that Xiao Guangrui's resignation indicated a further step towards Zhuhai Wanda's "de-Wanda-fication." As individuals with backgrounds from the strategic investors took over key positions, the influence of the Wanda faction was seen as gradually being diluted.
Now, the appointment of a veteran with over 20 years of service at Wanda as the new CEO of Zhuhai Wanda has, to some extent, mitigated the aforementioned trend. Sources indicate that this personnel adjustment dispels rumors of Zhuhai Wanda's complete "de-Wanda-fication" and a supposed "purge of the original management team by external investors."
Public records show that Xu Fen joined the Wanda Group in September 2006, initially serving as Financial Manager at Nanning Wanda International Cinema Co., Ltd. She later held various positions within Wanda Commercial Management Company and its regional subsidiaries. In August 2025, Xu Fen became the first female COO of Zhuhai Wanda Commercial Management, responsible for the operational system.
Reportedly, the appointment of Xu Fen followed a prolonged evaluation process by the Zhuhai Wanda board. The company conducted comprehensive assessments of multiple candidates, including both internal and external candidates, ultimately deciding on Xu Fen for the CEO role. This decision reflects the principle of selecting the best talent based on market principles, while also demonstrating recognition of the Wanda team.
Currently, Zhuhai Wanda, established in 2021, has undergone significant changes compared to its earlier days.
As the asset-light management platform under Wanda, Zhuhai Wanda was once pinned with listing hopes by Wang Jianlin. However, due to its failure to list as scheduled, which triggered risks related to valuation adjustment mechanism (VAM) repurchases, Wanda brought in investors including PAG. In 2024, the new platform Dalian New Da Meng was established, with Zhuhai Wanda becoming its subsidiary.
The cost of bringing in investors to resolve the situation was the dilution of Wanda's stake in the asset-light platform. On March 30, 2024, five institutions, including PAG Group, Abu Dhabi Investment Authority, and CITIC Capital, invested approximately 60 billion yuan into Dalian New Da Meng, collectively acquiring a 60% stake, while Wanda Commercial Management retained a 40% share.
Following the entry of the new investors, significant changes occurred in Zhuhai Wanda's board composition and corporate structure. Currently, the Zhuhai Wanda board includes 6 members from the new investor group, while the Wanda side has 4 members. Furthermore, the new investors advocated for a philosophy of "returning to operational essentials" and implemented adjustments to the organizational structure.
In August 2025, Zhuhai Wanda established three major systems at its headquarters: Operations, Finance, and Human Resources. The original Strategic Brand Management Center, Operations Center, Commercial Planning Center, Commercial Planning Institute, Engineering & Property Center, and Safety Supervision Center were incorporated into the Operations System. The original Finance Center, Asset Management Center, Information Management Center, Cost Management Center, and Legal Affairs Center were incorporated into the Finance System. The original Human Resources Center and Administrative Affairs Center were incorporated into the Human Resources System.
In terms of the scale of managed commercial properties, as of December 31, 2024, Zhuhai Wanda was the operator of 513 open Wanda Plazas in China, with a managed area exceeding 70 million square meters, ranking first globally in commercial real estate operations. In 2025, Zhuhai Wanda Commercial Management opened 20 new Wanda Plazas. The extent to which the new CEO, Xu Fen, can contribute to future business development remains to be seen.
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