 |
| Cheng Yi Rumoured to Go Solo as Huanrui Shares Slide Sharply (Photo: Upmedia) |
When rumours move faster than official statements, the market tends to blink first. That’s exactly what happened as talk spread that Cheng Yi may not renew his long-running contract with Huanrui Century. Even without confirmation, the speculation alone was enough to send shockwaves through both fandom spaces and the stock market, proving once again just how closely celebrity power and capital remain tied in China’s drama industry.
According to industry chatter, Cheng Yi’s ten-year contract with Huanrui officially ended on January 18, 2026. While the company has yet to make a formal announcement, the timing of the rumours couldn’t be worse for investors. Between January 15 and 16, just days before the contract expiry, Huanrui’s shares dropped a cumulative 12.35 per cent, signalling clear concern over a possible exit.
Online, the reaction was immediate and loud. Fan comments flooded social platforms with messages celebrating a potential fresh start, many framing the situation as a long-awaited turning point rather than a business dispute.
Phrases like “finally free” and “new chapter unlocked” trended quickly, showing that public sentiment was already leaning towards independence rather than loyalty to the agency.
Behind the scenes, reports suggest Huanrui did attempt to keep Cheng Yi on board. Alleged offers included a 20 per cent stake in a subsidiary and the promise of a lead role in a top-tier IP drama. However, industry insiders claim Cheng Yi remained firm on going solo, preferring long-term control over short-term incentives.
From a financial perspective, the market’s anxiety is easy to understand. Cheng Yi has long been one of Huanrui’s core pillars. In the first half of 2021, talent management made up 87.35 per cent of the company’s revenue, with a single top artist contributing more than 33 per cent. After another major artist departure in 2024, Cheng Yi’s role became even more critical.
That year, talent management revenue surged to 164 million yuan, an 86.86 per cent year-on-year increase, while drama production revenue slipped by 5.15 per cent.
Commercial endorsements, appearances, and drama profit-sharing linked to Cheng Yi were widely seen as the main drivers of that growth. Losing him would mean not just fewer deals, but weaker bargaining power across copyright sales and casting negotiations.
 | |
| Cheng Yi is rumoured to be preparing to establish his own company. |
This also exposes the risk of over-reliance on star power. Huanrui’s once-celebrated dual-engine model, combining talent management with drama production, worked brilliantly during the fan-traffic boom.
Popular dramas boosted artists, artists boosted dramas, and endorsements followed naturally. But that cycle has been steadily breaking down.
Once a dominant force in idol dramas, the company’s influence has faded in the post-fan era. Earlier stars gradually built independent paths, while newer productions struggled to replicate past success.
Resource allocation issues, limited creative freedom for artists, and an imbalance in profit sharing made long-term retention increasingly difficult.
Financial data from the past five years paints a sobering picture. Annual revenue fluctuated sharply, while profits remained unstable, with multiple years of heavy losses. Even in the first three quarters of 2025, the company was still operating at a loss, far from a full recovery.
Content performance hasn’t helped. Since 2023, only a handful of titles gained real traction, while many releases were criticised for repetitive storytelling and declining production quality. Drama sales revenue in 2024 fell again, reinforcing doubts about the sustainability of the old formula.
Still, Huanrui isn’t standing still. The company has been experimenting with short-form dramas and AI-assisted projects, with its digital theatre channels reportedly reaching billions of views. Whether this can replace traditional revenue streams remains an open question.
What should fans expect from Cheng Yi’s next agency, if the rumours prove true? Industry watchers predict a move towards smaller, more flexible management structures, stronger creative input, and selective project choices rather than volume-based output. Independence could also open doors to cross-platform work, international collaborations, and a clearer personal brand.
Fan and netizen reactions, however, remain divided. Supporters see freedom and growth ahead, while more cautious voices worry about resource gaps, promotion power, and the risks of going solo in an increasingly competitive market. Others are simply waiting for official confirmation before drawing conclusions.
Now the question is yours to answer: would you back a bold solo move, or is a strong agency still the safer bet in today’s drama landscape?