Wanda Cinema Line's Box-Office Revenue Rises

2012-23 REP Wang Jianlin H

Wang suggests decentralizing film approvals.

Results come as China's share market is reeling from a substantial slide in recent weeks.

China's largest cinema operator, Wanda Cinema Line, said its box-office revenue rose 43.3 percent year on year to $459.12 million (¥2.85 billion) in the six months to the end of June.

The share price closed down 10 percent at 197.71 ($31.84) in the Shenzhen bourse Monday, but it was hard to say whether that was due to the general volatility in the market or a reaction to the results.

The freshly listed cinema chain owned by China's richest man, Wang Jianlin, welcomed 102 million moviegoers last year.

China's share market is on a roller-coaster ride at the moment. Nearly $3 trillion in stock values has been lost in the last three weeks, and the key index, the Shanghai Composite Index, has lost around 30 percent of its value over the past three weeks, after having risen more than 150 percent in value since the start of the current bull run.

The cinema operator is a subsidiary of the real estate giant Dalian Wanda group, which in 2012 bought North America's second-biggest theater chain, AMC Entertainment, for $2.6 billion. Wanda Cinema is involved in cinema construction, film distribution and screening and related business such as advertising.

The group is 68 percent owned by Wanda Investment, of which Wang Jianlin owns 98 percent.

Last year, Wanda opened 40 new cinemas for a total of 369 screens, bringing its total by the end of last year to 182 cinemas and 1,616 screens.

By the end of last year, China had 23,600 screens, and it is expected to become the world's biggest cinema market at some point in the next few years.

In August, the group said it was spending $1.2 billion to develop its Hollywood presence after it won a bid for a plot of land at 9900 Wilshire Boulevard, Beverly Hills, for the HQ of its U.S. entertainment business.