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HONG KONG - Veteran producer Raymond Wong Pak-Ming has resigned as chairman of Mandarin Entertainment, the Hong Kong film distribution and production shingle he founded some 25 years ago.

The announcement, made in a filing to the Hong Kong Stock Exchange Tuesday, is effective immediately. The filing states that Wong resigned "due to the restructuring of the board." Peggy Lai Pik Chi has assumed chairmanship of the company.

Last month Wong slashed his personal shareholding in Mandarin, cutting his stake from 19% to 10.5% (Variety, Dec 30, 2008.) The shares were sold to two apparently unrelated Chinese businessmen Lu Zi Ding and Mai Xu Ming. Wong remains an executive director of the company.

Mandarin Film's recent production "Ip Man," on which Wong personally served as producer, has done serious business at the local box office, grossing $2.8 million in three weeks of release in Hong Kong.