Chinese Studio Beijing Enlight Sees Stock Slide
The company’s stock fell 4.4 percent Friday amid concerns that it has run up too much, but its CEO Wang Changtian is still worth an estimated $1.4 billion.
Shares of Beijing Enlight, one of China’s fastest-growing film studios, fell 4.4 percent Friday, closing at a two-week low of 30.6 yuan ($4.99) on the Shenzhen Stock Exchange, amid concerns that the company’s stock may have risen too far.
The stock had hit an all-time high in late May when Enlight shares reached 34.8 yuan ($5.67). At its current price, the company's stock is still up 170 percent from a year ago.
Enlight made its mark on the Chinese industry in December with its runaway hit, Lost in Thailand, which smashed domestic box office records, pulling in over $200 million in the country. The company followed that success with hit rom-com So Young, which grossed 45 million yuan on its opening day, setting a new single-day record for a Chinese language film not in 3D. The film went on to take over $110 million (about $10 million more than Iron Man 3 has so far earned in the country). Both the Enlight titles were reportedly made for $5 million or less.
Even with the recent stock dip, Forbes estimates Enlight founder and president Wang Changtian to be worth $1.4 billion (including a small stake in Enlight known to be held by his wife).
Englight is currently midway through a major marketing push in China for its next film, Badges of Fury, a police action thriller starring Jet Li and Wen Zhang. The film was sold to most major territories in the world -- including North America to Well Go, Japan to Happinet and Germany to Constantin -- by Arclight specialty Asian banner Easternlight at the Cannes market this month.
Badges of Fury opens in mainland China on June 28.