Yang Buting, chairman of the China Film Group Corporation (CFGC), told the reporter yesterday that the CFGC was trying to go public this year. The company planned to raise a fund 20 to 30 times the total company assets. The total assets of the CFGC during 2006 were 2.866 billion yuan, so it must raise nearly 90 billion yuan.
Yesterday the news came out that the listing application for the CFGC had been approved. Yang had no comment.
He said that the CRGC planned to use the raised funds to build film bases and cinemas and to make more great films.
According to market analysts, listings for film corporations means that investors will be able to share the investment chances brought about by the rapid growth of the film industry. The listing of the CRGC will strengthen the market value of the media industry and increase the investment attractiveness of this industry.
For more details, please read the full story in Chinese. (http://www.bbtnews.com.cn/news/channel/political36670.shtml)
(China.org.cn January 15, 2008)