Film studio sees bright lights
By Min Lee |
March 26, 2010, Friday
|
Print Edition
Print Edition
THE first major Chinese film studio to list on a stock exchange said yesterday its net profit surged 23 percent to nearly 84 million yuan (US$12.3 million) in 2009, thanks to thriving TV drama sales.
In its first annual report since going public on China's Nasdaq-style board, ChiNext, in October, Huayi Brothers Media Corp reported operating profit of 604 million yuan, up 48 percent from 2008.
"The growth of these indicators can be mainly attributed to the healthy development of the company's main businesses, the expansion of the market, especially the rapid growth of our TV drama business," the report said.
Armed with the proceeds of its initial public offering - it raised 1.1 billion yuan - Huayi Brothers said it plans to open six to eight movie theaters this year. It also wants to expand into TV variety shows, video games and life performances, and sign more top producers, directors and stars.
The studio said it plans to release eight movies this year. Among the major projects, its Chinese-language adaptation of the hit Disney film "High School Musical" and director Feng Xiaogang's disaster movie "Aftershock" are scheduled to hit theaters in the summer, while its kung fu flick "Shaolin," starring Jackie Chan and Andy Lau, is due out at the end of the year.
The company said it will launch 16 TV drama series comprising a combined total of 495 episodes.
Huayi Brothers said it derived 201 million yuan of its operating income from movies, 280 million yuan from TV sales and 124 million yuan from artist management.
While still small compared to the United States, the Chinese box office is growing rapidly, surging 44 percent to 6.2 billion yuan in 2009.
Other studios are eying public offerings as the industry expands. China's leading state-owned studio, China Film Group, hopes to list in Shanghai by the end of the year, one of its executives said in February.
Beijing Polybona Film Distribution Co said it hopes to list on the New York Stock Exchange this year or next.
In its first annual report since going public on China's Nasdaq-style board, ChiNext, in October, Huayi Brothers Media Corp reported operating profit of 604 million yuan, up 48 percent from 2008.
"The growth of these indicators can be mainly attributed to the healthy development of the company's main businesses, the expansion of the market, especially the rapid growth of our TV drama business," the report said.
Armed with the proceeds of its initial public offering - it raised 1.1 billion yuan - Huayi Brothers said it plans to open six to eight movie theaters this year. It also wants to expand into TV variety shows, video games and life performances, and sign more top producers, directors and stars.
The studio said it plans to release eight movies this year. Among the major projects, its Chinese-language adaptation of the hit Disney film "High School Musical" and director Feng Xiaogang's disaster movie "Aftershock" are scheduled to hit theaters in the summer, while its kung fu flick "Shaolin," starring Jackie Chan and Andy Lau, is due out at the end of the year.
The company said it will launch 16 TV drama series comprising a combined total of 495 episodes.
Huayi Brothers said it derived 201 million yuan of its operating income from movies, 280 million yuan from TV sales and 124 million yuan from artist management.
While still small compared to the United States, the Chinese box office is growing rapidly, surging 44 percent to 6.2 billion yuan in 2009.
Other studios are eying public offerings as the industry expands. China's leading state-owned studio, China Film Group, hopes to list in Shanghai by the end of the year, one of its executives said in February.
Beijing Polybona Film Distribution Co said it hopes to list on the New York Stock Exchange this year or next.
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