Filming Industry News
- China Film Group plans domestic IPO
Date: 21-Sep-2007 Sources: (Shenzhen Daily)
CHINA Film Group is reviving a plan to list part of its assets on one of the domestic stock markets as early as 2008 after it failed to win approval for a Hong Kong listing two years ago, sources familiar with the situation said Thursday.
China Film Group, the country's biggest film producer and distributor, also expects to bring in new partners from home or abroad through the sale of an equity stake, which could occur before or after its initial public offering (IPO), the sources said.
The firm recently sent its IPO proposal to the State Administration of Radio Film and Television (SARFT), the country's media watchdog, for feedback and approval, the sources said.
'Before it talks to the China Securities Regulatory Commission, it has to win support from SARFT,'said one of the sources. 'That's common practice in China's media sector.'
The China Securities Regulatory Commission, the country's securities watchdog, is in charge of IPO approvals.
It is not known how much capital the firm wants to raise from the IPO as it is still in talks with potential underwriters and no decision has been made, the sources said.
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