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Film group eyes IPO in Shanghai
By Min Lee |
February 27, 2010, Saturday
|
Print Edition
Print Edition
CHINA'S leading state-owned film studio is gearing up to offer shares on Shanghai's stock market by the end of this year, a senior executive said yesterday, in an indication of the local movie industry's rapid expansion.
Auditors have finished sifting through China Film Group's holdings, Deputy Chief Executive Shi Dongming told The Associated Press in a phone interview from the company's headquarters in Beijing.
"All the research and preparation of documents has come to a close," Shi said. "We are just waiting for the right time to list. We hope it will be this year."
He said he didn't know how much the firm plans to raise.
While still small compared to the United States, China's motion picture industry has been doing brisk business in recent years, surging 44 percent to 6.2 billion yuan (US$908 million) in 2009. The country added 600 screens, bringing its total to 4,700, including 1,800 digital and nearly 800 3D screens.
The group is a major player in this booming sector. Last year, the state-owned company accounted for six of the year's 11 top-selling Chinese-made movies, Shi said.
Auditors have finished sifting through China Film Group's holdings, Deputy Chief Executive Shi Dongming told The Associated Press in a phone interview from the company's headquarters in Beijing.
"All the research and preparation of documents has come to a close," Shi said. "We are just waiting for the right time to list. We hope it will be this year."
He said he didn't know how much the firm plans to raise.
While still small compared to the United States, China's motion picture industry has been doing brisk business in recent years, surging 44 percent to 6.2 billion yuan (US$908 million) in 2009. The country added 600 screens, bringing its total to 4,700, including 1,800 digital and nearly 800 3D screens.
The group is a major player in this booming sector. Last year, the state-owned company accounted for six of the year's 11 top-selling Chinese-made movies, Shi said.
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