China’s cinema stocks advance on strong holiday revenue
Hong Kong had seen a jump in its cinema stocks on Tuesday. This followed after box offices in China tallied a revenue record of over 6 billion yuan for the week starting Feb. 11 as the Lunar New Year sparked movie enthusiasm.
Data from Maoyan Entertainment showed that the record placed above the previous week-long record of 5.9 billion yuan seen in the same holiday period two years ago. The figure also indicates that the sector had established a rebound from the coronavirus drag in 2020.
The strong reading heavily boosted cinema stocks, with IMAX China Holding Inc’s shares jumping around 90% during their early trade. Alibaba Pictures Group Ltd and Maoyan Entertainment both advanced more than 20%.
While the coronavirus crisis drastically affected China’s movie industry last year, box offices recuperated after cinemas reopened in June.