- China’s securities regulator approved China Film Co. Ltd.’s application for a Shanghai Stock Exchange Listing
- This will be the company’s fourth time attempting to go public, having aborted earlier efforts in 2010, 2012, and 2014.
- Company is looking to raise over $680 million for film and TV production and cinema construction
The China Securities Regulatory Commission (CSRC) approved China Film Co. Ltd., part of China Film Group, for a Shanghai Stock Exchange initial public offering (IPO) estimated to be worth over US$680 million, state-run media reported.
China Film Co.’s on-again, off-again IPO plans date back to 2004, when an earlier incarnation of the company failed to win regulatory approval for a listing on the Stock Exchange of Hong Kong. More recent attempts in 2010, 2012, and 2015.
The company is looking to raise 4.6 billion yuan ($687 million) by listing 467 million shares on the Shanghai bourse. CITIC China Securities will serve as the IPO’s underwriter. The company will use about a quarter of the proceeds for film and television production, with about another quarter going towards cinema construction, state-run China Daily reported in April.
Headed by longtime China Film Group Chairman Han Sanping, who acts as the company’s chairman and general manager, China Film Co. produces film and television, builds movie theaters throughout China, distributes domestic films, and also leases film equipment, according to the company’s prospectus (in Chinese).
Local media reports did not indicate a timetable for the listing.