Headlines from China: Industry Professionals Call for Refinement of Film Law

Industry Professionals Call for Refinement of Film Law

This year’s May Day holiday season ended with two controversies making the headlines. Box office winner Us and Them was questioned for its massive ticket refunds during its presale period. Filmmaker Ding Sheng and Beijing Enlight Media disputed over marketing and distribution expenses of Ding’s recent film A Better Tomorrow 2018. Both news indicate the chaotic state of film distribution in China and lead many industry professionals to call for refinement of The Film Law. One industry executive says that China is experiencing many problems Hollywood once had, and China can learn from how Hollywood solved these problems. For example, China can learn from the Paramount case and prohibit cinemas and ticketing platforms from producing or distributing films. In addition, many suggest the law require more transparency from distributors. Read more on entgroup.cn

Shanghai International Film Festival Co-hosts Cannes Film Market Opening Night

After the Cannes Film Festival raised its curtain on May 8, The Cannes Film Market (Marche Du Film) opened on May 10. What’s special about this year’s opening is that the event was co-hosted by Shanghai International Film Festival (SIFF). Although SIFF had representatives attend Cannes in the past, this is the first time the Shanghai Festival officially collaborates with Cannes to promote China’s film industry and the festival itself. In addition, SIFF hopes to bring more Chinese films to Europe and attract more western filmmakers to China through initiatives like this. Read more on Mtime

Chinese Live Streaming Site Huya Officially Listed in the U.S. 

Today, Chinese game streaming site Huya is officially listed on the New York Stock Exchange under the ticker symbol “HUYA.” The company priced its initial public offering at $12 a share for a total offering size of $180 million. After opening, the first trade was executed at $15.5, 29% up compared to its initial price. Founded in 2012 as part of live-streaming platform YY, Huya now has over 200 million registered users and has separated from YY. Two months ago, internet giant Tencent invested $460 million in Huya and became the platform’s second largest shareholder. Read more on yulechanye