China Film Jumps 91% in 1st Week After Record Entertainment IPO
- Surge extends trend of Chinese IPOs rallying in their debuts
- Gains make China Film bigger than DreamWorks Animation
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China Film Co., the nation’s largest distributor of movies, nearly doubled in its first week of trading after the stock rose by the daily limit every day since completing the biggest initial public offering in the country’s entertainment industry.
The unit of state-owned China Film Group Corp. rose by the 10 percent daily limit to 17.08 yuan ($2.57) on Friday, capping a 91 percent rally since the stock began trading on the Shanghai stock exchange Monday. That gives the company a market value of $4.8 billion, making it bigger than the likes of DreamWorks Animation SKG or Lions Gate Entertainment Corp.