You will be redirected back to your article in seconds

China’s Poly Culture Plans Hong Kong IPO, Says Report

Army-backed movie, multiplex investor aims to raise $100 million

MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports.

The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other companies waiting in line. Now Poly Culture has turned to Hong Kong instead and will see to raise some US$100 million (HK$775 million) though an IPO, according to Hong Kong’s South China Morning Post.

Poly Culture grew out of the larger People’s Liberation Army-backed China Poly Group conglomerate with a wide remit that ranged from real estate, car dealing and mining to arms dealing. China Poly’s army connections officially ended in 1999, but the conglomerate is still run by Chen Hongsheng who served 28 years in the PLA.

Poly Culture is China’s leading domestic auction house, is a major movie theater manager and film investor. It was previously a backer of the NASDAQ-listed producer-distributor Bona Film Group, which in an earlier incarnation was named Poly Bona, and is co-owner of the Eastern Dragon multiplex chain.

Poly Culture became internationally well-known when its museum in Beijing became the new home for several bronze animal head sculptures taken from the Summer Palace during the Second Opium War involving Qing Dynasty China, Great Britain and France in the 1860s.

Returning the bronze heads to China was the subject of last year’s Jackie Chan-starring hit film “Chinese Zodiac” (aka “CZ12”), while stealing them again was one of the plots in this year’s action adventure picture “Switch.”

More Biz

  • Randall Stephenson

    AT&T Begins PR Battle Against Justice Department From CNN News Room

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • AT&T

    Writers Guild of America West Backs Blocking AT&T-Time Warner Merger

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • Time Warner

    Justice Department Sues to Block AT&T-Time Warner Merger

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • Get Out

    'Get Out,' 'Detroit,' Issa Rae, Jay-Z, Mary J. Blige Among Top NAACP Image Award Nominees

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • Al Franken Kathy Griffin

    Al Franken Cut From PBS' David Letterman Special

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • Russell Simmons, Bret RatnerVANITY FAIR OSCAR

    Brett Ratner and Russell Simmons Accused of Working Together to Carry Out Sexual Misconduct

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

  • get out Oscar Race

    'Get Out' Awards Category Dilemma: Film Defies Easy Labels, Cast Says

    MUMBAI – Poly Culture, one of China’s leading auction, cultural and film investors, is planning a stock market listing in Hong Kong, according to reports. The state-owned enterprise previously planned to list its shares on the Shanghai Stock Exchange, but dropped them earlier this year due to regulatory uncertainty and a huge queue of other […]

More From Our Brands

Access exclusive content