Movies

Huayi share price doubles on launch in stock market

MUMBAI: Stocks of China‘s Huayi Brothers Media became one of the hottest stocks on its first day of trading last Friday on the country‘s ChiNext stock market. Its opening-day price reached $10.37 more than double of its launch price.


The media group, known for producing Feng Xiaogang‘s local blockbusters such as The Assembly and If You Are The One, passed the review of the China Securities Regulatory Commission in September and became the first film production company to go public in China. The price was then set at $4.18.


Local securities journals described the hike of Huayi‘s share price as "crazy" on Friday, Oct 30. Opening at $9.32 which was already 123 per cent up from the launch price of $4.18, the shares went up to $11.18 when it was 11am there. After suspension they fell to $10.37, 148 per cent up from the launch price.


So far the company has a market capitalisation of $1.57bn. In its prospectus to go public, Huayi said it planned to raise $91m.

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