(Yicai Global) Jan. 7 -- Huace Film & TV, a leading Chinese movie production company, has seen more than CNY2 billion (USD291.2 million) erased from its market value in the space of just three days following scathing reviews of its art house movie, Long Day's Journey Into Night.

The company's shares [SHE:300133] plunged almost 9 percent on Jan. 2 to CNY8.06 (USD1.17) each, and fell again the next day. The stock has recovered some ground today, nudging up 0.3 percent, to value the Hangzhou-based firm at CNY13.9 billion (USD2 billion). 

Long Day's Journey Into Night, a 140-minute film noir about a man who falls in love with his friend's murderer in rural China, was released on Dec. 31. Directed by millennial Bi Gan and starring well-known Chinese actress Tang Wei, the movie had many viewers taking to social media to complain, saying it was boring. Some even claimed to have fallen asleep during the screening.

The movie's backers, which include Huace, had marketed it to a younger audience as a romantic experience for couples. 

Costing about CNY50 million to make, the movie raked in CNY260 million (USD37.4 million) on its first day. But on Jan. 1, sales plummeted almost 96 percent to CNY11.2 million. Box office takings fell to CNY1.8 million on Jan. 2. As of this morning, the film has grossed a total CNY280 million, according to Chinese box office platforms.

Editor: Emmi Laine