The era of the real estate mogul in Chinese cinema has officially reached its final curtain call. On March 27, 2026, Wanda Film, the crown jewel of Wang Jianlin’s once-sprawling Dalian Wanda Group, announced its transformation into Ruyi Film & Entertainment. This move signals more than a rebranding; it marks the formal completion of a multi-billion-dollar acquisition by Ke Liming, a low-profile financier turned content mogul.
While Wang Jianlin’s empire was built on bricks and mortar, Ke Liming’s rise represents the new logic of China’s entertainment sector: the supremacy of intellectual property (IP). A former Hong Kong-based financial analyst, Ke entered the film industry not by building theaters, but by hoarding the rights to best-selling novels. These acquisitions eventually birthed some of China’s biggest hits, including the record-breaking Hi, Mom and Hot and Spicy, transforming his boutique studio into a juggernaut capable of absorbing a titan.
Under Ke’s leadership, the traditional cinema experience is undergoing a radical reconstruction. The goal is to move beyond the seats and popcorn model toward what Ke describes as super entertainment spaces. By integrating IP-driven retail, collectible card games, and even specialty beverages, Ruyi aims to turn its 700 cinemas and 6,000 screens into high-traffic social hubs for China’s younger generation.
This strategic shift is backed by the formidable muscle of Tencent, which remains a significant shareholder in Ke’s primary vehicle, China Ruyi. With the tech giant’s digital ecosystem and IP library at his disposal, Ke is positioning Ruyi as a vertical powerhouse. From the initial screenplay to the final digital payment at the theater snack bar, the Ruyi-verse seeks to capture every yuan in the entertainment lifecycle.
However, the path forward remains fraught with the inherent volatility of the Chinese box office. While the company returned to profitability in 2025 with earnings up to 550 million RMB, it suffered a significant quarterly dip at the end of that same year. Ke’s ability to stabilize these fluctuations will depend on whether his portfolio of toys, games, and financial services can provide a sufficiently robust hedge against a cooling domestic film market.