(Yicai Global) Feb. 27 -- La La Land, which was partially bankrolled by Chinese media company Hunan TV & Broadcast Intermediary Co. [SHE:000917], won seven Oscars at the 89th Academy Awards today. Hunan TV & Broadcast's share price closed 1.05 percent lower after the Oscar announcement.
The Hunan-based group's stock fell after hitting an initial high of CNY14.65 (USD2.13) today. In afternoon trading, following the news of La La Land's performance, shares opened one percent higher, but fell to close at CNY14.2.
The film's director, Damian Chazelle, won the Academy Award for best director award and Emma Stone took the best actress award for her performance in the flick.
La La Land was co-financed by Hunan TV & Broadcast Intermediary, Lions Gate and Black Label Media. Production cost USD30 million, and high profits have been projected. The Chinese company said in an earlier statement that distribution of box office receipts for the movie was a business secret and could not be disclosed.