China Film Group Corp may go public before next July

(chinadaily.com.cn)
Updated: 2009-10-14 16:59

China's top State-owned film enterprise, the China Film Group Corporation, will attempt to get listed before July of next year, Securities Daily reported today, citing Jiang Tao, the group's Chief Financial Officer.

Jiang said the group will set up a joint-stock company this month and try to go public before the end of the first half of next year.

As for which assets will be included in the joint-stock company, Jiang said all the group’s assets related to films will be included, except the China Film Co-Production Corporation, the China Film Group Film Import & Export Corporation, along with other monopoly companies and the CCTV-6 channel.

A source familiar with the group's financial status disclosed that only CCTV-6 and blockbusters imported by the Film Import & Export Corporation and the cinema chains it partly owns could make a profit. Consequently only those cinema chains will be included in the to-be-established joint-stock company, while other profitable companies will be excluded due to China's policy restrictions.

Where the company will be listed remains unclear, but it will not be listed on the Growth Enterprise Market, an insider said.