BEIJING — China Film Group’s planned stock market listing is unlikely to happen before the Chinese New Year on Feb. 7.
A spokesman in CFG’s finance section said preparations for the stock market listing were continuing but added that there wouldn’t be much movement before the Spring Festival, the Chinese name for the Lunar New Year holiday.
CFG topper Han Sanping reiterated his commitment to going public in an interview with local media this week.
CFG controls the Beijing and China Children’s film studios, operates seven loops with 400 theaters, is the country’s largest film distributor, has the country’s sole film import license and controls national movie channel CCTV-6.
Last month CFG issued a seven-year secured bond as the basis of a fund worth 500 million yuan ($68 million). That made CFG the first Chinese firm in the biz to issue corporate paper.
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The fund is expected to pay for a digital production center for movies and new digital cinemas, as well as upgrade old cinemas.