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Chinese studio Bona Film, maker of Battle at Lake Changjin, set for Shenzhen IPO after Nasdaq departure
- Bona Film Group, backed by Alibaba and Tencent, is set for a listing in Shenzhen later this month after its Nasdaq privatisation in 2015
- The company is offering about 275 million shares at a price to be decided later this week, according to its listing prospectus
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Bona Film Group, China’s top-grossing movie producer and distributor, is about to list its yuan-denominated shares after a five-year wait, following a nod for its initial public offering (IPO) from the Shenzhen Stock Exchange.
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The Beijing-based group, which counts Alibaba Group Holding and Tencent Holdings among its investors, will start taking orders from investors for about 275 million new shares on August 9, according to its prospectus released on Monday.
The IPO price will be decided on August 5, and the stock will debut under the 1330 ticker, according to the timetable. The listing date has not been disclosed for now. China Dragon Securities is the IPO sponsor and the joint underwriter with Citic Securities.
The IPO comes at a time when the entertainment industry is struggling to cope with the crippling blow dealt by China’s zero-Covid strategy. Box-office takings in the most-recent two public holidays – the Dragon Boat Festival and Ching Ming or tomb-sweeping day – fell to a 10-year low amid curbs on mobility to prevent fresh outbreaks.
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China’s box office tops 6 billion yuan during Spring Festival holiday
China’s box office tops 6 billion yuan during Spring Festival holiday
Shenzhen-listed Wanda Film warned of losses of up to 600 million yuan (US$88.9 million) for the first half of this year, according to its exchange filing, citing severe impact from Covid-19 outbreaks and subsequent restrictions that forced half of the group’s 800-odd cinemas nationwide to temporarily shut down.
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