CHINA TO COMPETE WITH HOLLYWOOD?

Nov 28, 2012

By Scott Walker

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There’s a sign that China wants to build a film industry to rival Hollywood.

Two big Chinese state-owned film studios are planning to sell shares on the Shanghai stock exchange. China Film Co. and Shanghai Film Group Co. are on a list of companies preparing to go public in Shanghai. The list was posted this week on the website of the country’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 blockbuster productions rivaling the Hollywood movies that are increasingly popular in China’s government-controlled film market.

 

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