Studios in listing bid to rival Hollywood
Source: Agencies |
November 29, 2012, Thursday
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Print Edition
Print Edition
TWO state-owned film studios are planning to sell shares on the Shanghai stock exchange in a sign of the nation's desire to build a film industry that can compete with Hollywood.
China Film Co and Shanghai Film Group Co are on a list of companies preparing to go public posted on the website of China's securities regulator.
No details were provided on how much money they plan to raise or timetables for their initial public offerings.
A stock offering would help the companies raise money for big-budget productions to rival Hollywood blockbusters.
Beijing-based China Film's credits include the critically acclaimed 2010 box office hit "Let The Bullets Fly," starring Chow Yun-fat. It was also involved in the 2010 remake of "The Karate Kid," which starred Jackie Chan and was filmed in China. The company is part of the China Film Group, one of two companies authorized to distribute foreign movies in China.
Set in Shanghai
The Shanghai Film Group, part of the Shanghai Media and Entertainment Group, produced "Aftershock," a 2010 drama about a devastating 1976 earthquake, as well as 2005's "The White Countess," starring Ralph Fiennes and set in Shanghai.
China hopes to develop its cultural industries as a way to expand their influence abroad. Chinese companies have reached out to Hollywood this year as they look for co-production deals that would help their studios make movies that appeal to both Chinese and global audiences.
For their part, Hollywood studios such as Dreamworks Animation have been teaming up with Chinese partners to gain access to China's fast-growing but tightly regulated film market.
Six of the 10 highest grossing films in the country last year were Hollywood productions, including "Transformers: Dark of the Moon" and "Kung Fu Panda 2."
Tian Jin, deputy head of the State Administration of Radio, Film and Television, the industry regulator, said earlier this month that domestic films took 41.4 percent of total box office receipts in the first 10 months of 2012, Xinhua news agency reported.
China's box office revenue rose more than a third in 2011 to US$2 billion, putting the country on pace to become the world's second largest movie market after the combined US and Canada region.
China Film Co and Shanghai Film Group Co are on a list of companies preparing to go public posted on the website of China's securities regulator.
No details were provided on how much money they plan to raise or timetables for their initial public offerings.
A stock offering would help the companies raise money for big-budget productions to rival Hollywood blockbusters.
Beijing-based China Film's credits include the critically acclaimed 2010 box office hit "Let The Bullets Fly," starring Chow Yun-fat. It was also involved in the 2010 remake of "The Karate Kid," which starred Jackie Chan and was filmed in China. The company is part of the China Film Group, one of two companies authorized to distribute foreign movies in China.
Set in Shanghai
The Shanghai Film Group, part of the Shanghai Media and Entertainment Group, produced "Aftershock," a 2010 drama about a devastating 1976 earthquake, as well as 2005's "The White Countess," starring Ralph Fiennes and set in Shanghai.
China hopes to develop its cultural industries as a way to expand their influence abroad. Chinese companies have reached out to Hollywood this year as they look for co-production deals that would help their studios make movies that appeal to both Chinese and global audiences.
For their part, Hollywood studios such as Dreamworks Animation have been teaming up with Chinese partners to gain access to China's fast-growing but tightly regulated film market.
Six of the 10 highest grossing films in the country last year were Hollywood productions, including "Transformers: Dark of the Moon" and "Kung Fu Panda 2."
Tian Jin, deputy head of the State Administration of Radio, Film and Television, the industry regulator, said earlier this month that domestic films took 41.4 percent of total box office receipts in the first 10 months of 2012, Xinhua news agency reported.
China's box office revenue rose more than a third in 2011 to US$2 billion, putting the country on pace to become the world's second largest movie market after the combined US and Canada region.
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