BEIJING: A movie theater company Wanda Cinema Line Company Limited regulated by Chinese real estate mogul Wang Jianlin, receive approval for a share offering in China in which it hopes to raise up to 2 billion yuan (US$325.6 million).
China Securities Regulatory Commission, the listing approval was announced late Friday. It comes as China’s fourth-richest man Wang said for his real estate unit prepares a huge initial public offering in Hong Kong, Dalian Wanda Commercial Properties Company.
Further the China Film Producers’ Association said China will overtake the U.S. as the world’s biggest movie market within three years. China’s box-office takings, which reached 22 billion yuan, are growing 30 percent annually, according to Beijing-based market research firm EntGroup Inc.
Wanda Officials the biggest theater operator in China were not immediately available to comment.
As of June 30 Wanda Cinema plans to use the bulk of its IPO proceeds to build theatres this year in a regulatory filing according to Wanda, it had 150 motion-picture houses with 1,315 screens in more than 80 Chinese cities.
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