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Pearl Liu

More than 40 listed and privately held Chinese companies might have won big after three patriotic films broke the box-office record for the “golden week” holiday.
My People, My Country, The Climbers and The Captain all celebrate the 70th anniversary of the founding of the People’s Republic of China, and together grossed 2.8 billion yuan (US$391.6 million) between September 30 and 6pm on Thursday, according to Maoyan Entertainment, China’s biggest movie ticketing app.
The four-day sales figure surpassed the 1.7 billion yuan generated during the eight-day National Day holiday last year, and the 2.65 billion yuan grossed in 2017.
“The patriotism swirling during the 70th anniversary sent more people to the theatres. Watching these movies makes them feel like they are part of the big celebration,” said Wilson Chow, global technology, media and telecommunications leader at PwC.
“That’s a positive factor that can boost the shares of the main participants”, as investors are much more confident after seeing such high box-office returns made by their films, Chow added.

Participating companies’ earnings and shares are expected to rise after the mainland Chinese stock markets open on October 8.
According to IMDB, more than 40 companies were involved in the production and distribution of the three films, including most major Chinese players.
My People, My Country, for instance, was produced by Huaxia Film Distribution and co-produced by Shenzhen-listed companies Beijing Enlight Pictures, Huayi Brothers Media and Wanda Film Holding, Hong Kong-listed companies Maoyan Entertainment and Emperor Culture Group, and private production companies Bona Film Group, Dirty Monkey Films Group and Shanghai Real Thing Media. It currently leads the National Day holiday box office.




Some companies’ shares started rising on September 30, one day before the markets closed. Beijing Enlight Pictures, for instance, saw its shares soar in the week before the debut of My People, My Country, and closed 7.3 per cent higher for the week at 9.36 yuan on September 30. It did not disclose its investment in the film.
Wanda Film which, according to IMDB, was involved in the production of all three films, closed 3.9 per cent higher on Monday. Ali Pictures Group, owned by South China Morning Post parent Alibaba Group Holding, was also involved in all three.
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IMAX China might also benefit from the popularity of these films, which have released IMAX versions as well, UBS said this week.
“Good-quality patriotic films have been popular with Chinese audiences over the past three years,” said Wei Wei, analyst with Kaiyuan Securities. Wei said the three films could potentially gross 4 billion yuan.
My People, My Country features seven stories by different directors, led by Palme d’Or winner Chen Kaige. It led the box office on Thursday with about 1.28 billion yuan. The film draws on important historical moments since the founding of the People’s Republic of China in 1949, including the 1997 handover of Hong Kong and the Summer Olympics in Beijing in 2008.




The Captain, based on the emergency landing by Sichuan Airlines flight 3U8633 in May 2018, ranked second, while The Climbers, about a Chinese team climbing Mount Everest, was third.
China’s film industry has had a disappointing first half this year, with box-office proceeds declining for the first time in a decade. Meanwhile, major domestic producers have struggled to make profits amid tightening censorship and a crackdown on tax evasion and big pay days for actors, which have delayed a number of big-budget projects.


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People’s Republic of China at 70

Patriotism pays as films celebrating founding of China rake in US$391 million over four days during National Day holiday

‘My People, My Country’ led the box office on Thursday with about 1.28 billion yuan. Photo: Handout

=== PHOTO CAPTURED ONLINE=== A poster of My People, My Country. Photo: Baidu

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A man and woman rest in front of posters for the movie Asura at a subway station in Beijing on July 17, 2018. Pulled from cinemas after its opening weekend, China's most expensive domestically made film has become a flop of historic proportions, bringing in just 7.3 million USD despite a reported budget of over 110 million USD. / AFP PHOTO / GREG BAKER

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‘My People, My Country’, ‘The Climbers’ and ‘The Captain’, all celebrate the 70th anniversary of the founding of the People’s Republic of China
The four-day sales figure surpasses the 2.65 billion yuan grossed during ‘golden week’ in 2017



More than 40 listed and privately held Chinese companies might have won big after three patriotic films broke the box-office record for the “golden week” holiday.


Asian cinema