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September 29, 2009

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Stars' Future Bright As Studio's IPO Approved

MORE than 50 Chinese movie stars and film makers hope for dazzling returns on China's new Nasdaq-style market after Beijing-based Huayi Brothers Media Group won approval to trade on the Growth Enterprise Market in Shenzhen.

The market's examination committee announced its approval of the initial public offering on Sunday night.

Huayi Brothers will be the nation's first film studio to publicly list its shares. It expects to raise 620 million yuan (US$90.81 million) in its offering of 42 million shares.

Among its shareholders are China's top film director Feng Xiaogang, actor Huang Xiaoming and actress Luo Haiqiong. Feng has 2.8 million shares and is expected to garner 100 million yuan in the float. Huang has 1.8 million shares and Luo 540,000 shares.

Brothers Wang Zhongjun and Wang Zhonglei, the company's director and president, have a combined 57.8 million shares, 46 percent of the company's total. Ma Yun, president of Nasdaq-listed Alibaba, follows the brothers with 13.8 million shares, or 10.7 percent.


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