Wanda to Build 159 Cinemas in China After USD579 Million Bond Issuance
Zhang Yushuo
DATE:  May 28 2019
/ SOURCE:  yicai
Wanda to Build 159 Cinemas in China After USD579 Million Bond Issuance Wanda to Build 159 Cinemas in China After USD579 Million Bond Issuance

(Yicai Global) May 28 -- Wanda Film Holding will issue up to CNY4 billion (USD579 million) worth of A-share convertible bonds and build 159 cinemas spanning 125 Chinese cities within two years. 

Wanda Film aims to combat fierce competition in the market through the move, the Beijing-based firm said in a statement, adding that it will build the new cinemas to expand its strategic positioning and enhance control and influence over the market.

Wanda Film has ranked first nationwide for 10 straight years in terms of box office revenues, cinema admissions and market share since its founding in 2005.

China's box office takings are expected to hit USD10.7 billion by 2021 from a record high of USD8.9 billion last year, basically reaching parity with the US market, according to an industry outlook from PriceWaterhouseCoopers. 

The country is home to more than 60,000 theaters, more than any other country, and became the world's second-largest cinema market after North America at the end of 2018. 

Editor: William Clegg

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Keywords:   Wanda Film Holding