Backer of Jackie Chan’s Latest Movie to Plan Hong Kong IPOBy
Beijing studio plans to seek about $100 million in share sale
‘Railroad Tigers’ starring Jackie Chan in theaters this month
J.Q. Pictures Holdings Ltd., a co-producer of Hong Kong action star Jackie Chan’s latest movie, plans to seek about $100 million in a Hong Kong initial public offering this year, according to people with knowledge of the matter.
The Beijing-based movie producer and distributor aims to go public in the first half of this year, the people said, asking not to be identified because the information is private. J.Q. Pictures, founded in 2012 by chairman Qin Hong, plans to file a listing application with the Hong Kong stock exchange as soon as this month, one of the people said.
J.Q. Pictures would join China Film Co., the nation’s biggest distributor, and Imax Corp.’s Chinese business in selling shares to fund expansion in the world’s second-largest movie market. Chinese cinemas brought in 45.7 billion yuan ($6.7 billion) of box office revenue last year, a figure that’s set to grow 15 percent in 2017, according to UOB Kay Hian forecasts.
A representative for J.Q. Pictures didn’t return phone calls seeking comment.
J.Q. Pictures helped make “Railroad Tigers,” an action comedy playing in theaters this month that stars Jackie Chan as an ordinary worker fighting Japanese invaders in the 1940s. It was one of the producers of “SoulMate,” the coming-of-age romance directed by Derek Tsang that won two awards last year for best leading actress at Taipei’s Golden Horse Film Festival.
The company is also working with Hong Kong director Peter Chan on a biopic about tennis star Li Na. J.Q. Pictures was the Chinese distributor of “Paddington,” the movie featuring a lost Peruvian bear found at the London railway station of the same name, its website shows.
— With assistance by Jing Yang De Morel