IMAX shares go up in Chinese New Year Box Office

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Shares in IMAX, the Canadian-American film technology provider that hurt U.S. business with a fallout from COVID-19, received a lift today from a healthy box office in China during the New Year holidays.

IMAX trading shares in New York rose 6.5% to a 13-month high of $ 19.85. That came after shares in IMAX China, its Hong Kong trading subsidiary operating in the world’s most populous country, rose 31% Tuesday to HK $ 18.63 on the company’s holiday benefits.

IMAX enjoyed the best-ever opening weekend for China’s New Year’s holiday this year, earning $ 25 million through Feb. 14 as the country began its box office prime time. , the company said in a statement on Sunday. (See statement here.)

In total, China’s New Year’s box office revenue this year amounted to 10 billion yuan, or $ 1.5 billion, as of Tuesday afternoon, a figure that surpassed half its revenue. The country’s total revenue in 2020, the state-run Xinhua News Agency reported Tuesday, announcing China Movie Data Intelligence Network. “Detective Chinatown 3,” was a comedy filmed by IMAX and delayed a year in connection with the COVID-19 revolution, which led the way, earning 3.2 billion Yuan from the which began on Feb. 12, Xinhua said.

The film’s success is inspired by China’s flagship film, Chinese billionaire Wang Jianlin, Wanda Film, who released the film. Wanda trading shares in Shanghai rose 4.4% to 22.60 Yuan on February 11, the last trading day before the Chinese New Year holidays, which end on February 17. Wang, who owns assets also includes real estate and participation in AMC Entertainment. worth around $ 15 billion on the Forbes Real-Time Billionaires List today. Both Wanda and AMC suffered COVID-related injuries in 2020; although China has encouraged residents not to travel through the New Year, its economy – the second largest city in the world – has recovered from the pandemic.

IMAX has cycled an increase in Chinese entertainment consumption in the past two decades, building a larger theater network than in the US

The company began doing business in China in the 1990s by making science-related documentaries that were used as educational and learning tools; success came about through working closely with government partners. IMAX’s first customer in the country was a government agency in Shanghai; his first painting was “China: The Panda Adventure.” (See earlier image here.)

@rflannerychina

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