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News Summary: China film studios plan stock offers

Updated at: 11/28/2012 2:05 PM
By The Associated Press

MOVIE IPOs: Two big Chinese state-owned film studios are planning to sell shares on the Shanghai stock exchange in a sign of Beijing’s desire to build a film industry that can compete with Hollywood.

THE COMPANIES: China Film Co. and Shanghai Film Group Co. are on a list of companies preparing to go public in Shanghai. The list was posted this week on the website of China’s securities regulator.

THE UPSHOT: A stock offering would help the companies raise money for big-budget blockbuster productions rivaling the Hollywood movies that are increasingly popular in China’s government-controlled film market.

(Copyright 2012 by The Associated Press. All Rights Reserved.)