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Wanda Film Approved to Acquire Wanda Media and Resume Trading
On February 27, Wanda Film Holding Co., the cinema chain unit of Wang Jianlin’s Wanda Group, officially announced that the company had received approval from China Securities Regulatory Commission to acquire Wanda Media (aka Wanda Pictures). In addition, Wanda Film will resume trading on Shenzhen Stock Exchange on February 28. This is the first time a company from the cultural sector to receive such approval since the Chinese government tightened control over mergers and acquisitions of cultural enterprises 2-3 years ago. Given Wanda Media’s good performance last year, Wanda Film could become the most valuable cultural and media company in China after the trading is resumed. Read more on Mtime
Festival Favorite ‘The Crossing’ to Release in China, North America, Australia and New Zealand Simultaneously
Chinese youth drama film The Crossing has been scheduled to release in China, North America, Australia, and New Zealand day-and-date on March 15. Directed by Bai Xue, the film had its world premiere at Toronto International Film Festival and received good reviews from various film media outlets. Since then, it has been screened or awarded at Jia Zhangke’s Pingyao International Film Festival, Berlin International Film Festival, Asian Film Awards, Osaka Asian Film Festival, and Hong Kong International Film Festival. The film follows a 16-year-old girl Pei Pei who decided to smuggle iPhones from Hong Kong to mainland China in order to make enough money to realize her dreaming of traveling to Japan. Read more on Mtime
China Film Bureau Head Sets New Goals for the Industry
On February 27, China Film Bureau hosted the National Conference for Film Professionals in Beijing. At the Forum, head of China’s Film Bureau Wang Xiaohui gave an overview of the Chinese film industry in 2018, and set goals and framework for the country’s film industry moving forward. Wang says that the industry should strive to produce more than 100 films with ticket sales of over 100 million yuan per year. The 100 films should ensure both good economic returns and social benefits, and most of them should be works based on reality. Wang also said that a new national ethics committee for the film industry will be set up in order to improve film professionals’ moral norms. The conference was the first nation-wide conference organized by the central government since the Film Bureau became a part of the publicity department of the communist party. Participants include heads of local film authorities, representatives from film enterprises and industry guilds, as well as famous filmmakers, such as Zhang Yimou, Chen kaige, Wu Jing, Zhang Ziyi, and Ning Hao. Read more on guancha.cn
