Huayi shares up 148% in debut
Film production house now valued over $1.5 bilHONG KONG -- Shares in Huayi Brothers Media more than doubled on Friday, making them the second-best performers on the opening day of China's new ChiNext stock market.
The Beijing-based company, which was responsible for films including "The Assembly" and "If You Are The One," saw its shares launched at RMB28.58 (US$4.19), reach RMB70.81 and, after suspension, fall back to RMB63.66 for a gain of 148%.
ChiNext, a NASDAQ-style market based in Shenzhen, is intended to help attract financing for small and medium sized companies. It started Friday with 28 share listings, all of which rose.
Huayi, which is headed by brothers Wang Zhongjun and Wang Zhonglei, is the first film company in China to list on any stock market. At the closing share price the company has a market capitalization of RMB10.7 billion ($1.57 billion). State-backed China Film Group and Bona Group have both hired investment advisers and are also seeking IPOs.