Two State-owned film companies--China Film Co. Ltd and Shanghai Film Group Co. Ltd--are now in the final stages of approval before being listed on the Shanghai Stock Exchange.
China Daily reports that China Film Co. will use raised money to build new theaters, while Shanghail Film Group plans to invest in distribution, production, media and technology,
China Film Biz's Rob Cain provides an excellent summary of the recent announcement that China's film authorities will reward subsidies to film companies and theaters in order to settle a dispute over profits. The new system goes into place on January 1, 2013. Here are some of the main points according to Cain:
For distributors of domestically made 3D and IMAX films
If a film grosses RMB 50 million to 100 million, a RMB 1 million bonus
If a film grosses RMB 100 million to 300 million, a RMB 2 million bonus
If a film grosses RMB 300 million to 500 million, a RMB 5mm bonus
If a film's box office gross surpasses 500 million, a RMB 10 million bonus
For theater operators
If at least 50 percent of a theater chain's total annual box office gross is earned from domestic films, 100 percent of fees paid during the year by the theater chain to the National Film Development Funds Management Committee (a straight 5 percent of every RMB of ticket sales) will be reimbursed to the theater chain.
If the percentage of box office earned from domestic films is between 45 percent and 50 percent, the NFDFMC will reimburse 80 percent of the fees a theater has paid to it.
If the percentage is below 45 percent, but the domestic film revenue is still more than last year's, the NFDFMC will reimbursed 50 percent of the fees.
More Indian films could be headed to China.
The Daily News reports that, "the two countries have of late found the 'strategic synergies' for a co-production treaty that aims to give national status to films from both the nations, and preference for screenings and shooting locations."
3 Idiots, the biggest box office hit of all time in India, grossed $2.9 million in China.
The teaser trailer has been released for A Chinese Odyssey, an upcoming adaptation of the Chinese literary classic Journey To The West. Written and produced by (but not starring) Stephen Chow, the story follows the exploits of the Monkey King as he suffers a fall from grace in heaven.
Directed by Derek Kwok, A Chinese Odyssey stars Law Chi-Cheung, Aarif Lee, Shu Qi, Zhang Wen, Tong Liya, Anthony Wong, Huang Bo, Lee Sheung-Ching, and Chrissie Chau. The film is due for release sometime during the Chinese New Year (February 10, 2013).
The trailer has been released for Drug War (AKA Dark War), an upcoming Chinese crime thriller directed by Johnnie To. Written by frequent To collaborator Wai Ka Fai, the film stars Louis Koo as a drug dealer who is caught by police and persuaded to take part in a raid against his own gang.
Set in Jinshan, China, Ming, a cold-hearted drug dealer (Louis Koo), crashes his car into a convenience store whilst trying to escape a police raid of his drug factory. In saving his own life, he locks his wife and brother-in-law inside the factory. Police officer Lei (Sun Honglei), extremely smart and careful, offers Ming the opportunity to reduce his sentence if he assists with an undercover operation to expose his own gang. Ming chooses to help himself by betraying all his brothers, but then at the last minute he has a change of heart...
Drug War is due for release across China in December 2012.