Shingle's shares up 40% on opening day
Stocks in Beijing-based Enlight Media surged more than 40% on their stock market debut, as it became the latest Chinese company to offer an IPO on the Growth Enterprises Market, China’s Nasdaq-style market.The shares opened at 70.88 yuan ($11.01), up from the offer price of $8.16 on its stock market debut Wednesday and closed at $11.49. The past two years have seen IPOs by Huayi Bro. Media Corp., TV production company Zhejiang Huace Film and TV plus distributor Bona Film Group. Other companies, including state colossus China Film Group and cinema operators Wanda Cinemas, have said they are prepping IPOs. Among recent movies on the Enlight slate are two Gordon Chan movies, one an adaptation of a martial-arts novel, “The Four Detective Guards,” and fantasy drama “The Mural.” It also made Jingle Ma’s tale of femme racers, “Speed Angel,” with Tang Wei, Cecilia Cheung and Rene Liu, and Gao Qunshu’s romantic drama “A Sentimental Story.” In April, the Bank of Beijing said it would provide $18.4 million in backing for Enlight. Enlight prexy Wang Changtian told the China Daily the shingle will mainly use IPO proceeds to improve the its TV content and expand its distribution network. He said the company has no plans to build or operate cinemas but doesn’t exclude the possibility of investing in or acquiring theater chains. In the next three years, Enlight plans to produce three to five movies a year and distribute 10 to 20 local films.