Chinese Bona Film Group, producer of hits such as The Battle of Changjin Lake, debuted Thursday on the Shenzhen Stock Exchange, with the shares closing today at RMB 7.24 ($ 1.07). This is a 44% increase over the initial public offering price of RMB 5.03 ($ 0.74) per share and a market capitalization of just under RMB 10 billion ($ 1.47 billion). respectively that China South Morning Post. The company raised RMB 1.38 billion ($ 203 million) from the deal.
Bona returned to the Chinese stock market after delisting from Nasdaq and went private in 2016. It previously became the first Chinese film studio to go public on Nasdaq since 2010.
During the pandemic, Bona was behind the highest-grossing film in China, The Battle of Changjin Lake and its continuation Battle of Lake Changjin II (also known as bridge of the water gate). Overall, patriotic films grossed RMB 9.83 billion ($ 1.45 billion at current exchange rates) in China.
In an interview posted on Bona’s website earlier this week, chairman and founder Yu Dong, who controls a 20.5% stake in Bona, said: “In April 2016, I officially said goodbye to Nasdaq. and I decided to go back to action A. We’ve been walking the back road for more than seven years, it’s been very tough. Even though it’s been a long time, this doesn’t affect the development of Bona Films or the film production of Bona Films, why focus on the main thing is the inherent genius of Bona Films “.
Yu added: “Over the next 15 years we will attract global talent and use capital to create good Chinese stories … Only with the help of capital can Chinese films be added and expanded with more funding. Make better films, attract global talent. to tell Chinese stories well and expand our influence in the world “.
It has been a tough year for the box office in China, with a slow start to summer as the peak of Covid forced closures in Shanghai and Beijing earlier this year. However, the period has now surpassed last year’s three-month high of RMB 7.382 billion ($ 1.09 billion) as of Saturday, according to state media. Universal / Amblin contributed to the rebound domination of the Jurassic world became the largest import of the year with over $ 157 million and national images Starlight (RMB 1.7 billion / US $ 250 million) e moon man (RMB 2.54 billion / $ 374 million) until Wednesday. universal / lighting Minions: The Rise of Gru Opens tomorrow.
Source: Deadline
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