TOPSHOT – Buildings are lit up with characters from the movie “Ne Zha 2” in Chengdu, in China’s … [+]
In an interview with Forbes China in December, IMAX China CEO Daniel Manwaring was anticipating good news for the China subsidiary of North American film technology icon IMAX during the country’s just-ended lunar new year holiday.
“I think the most important thing is big movies are coming back” after a pandemic-era lull and Hollywood strike, Manwaring said. Blockbuster movies have also been poised for a rebound due to a deep bench of homegrown Chinese storytellers, he said. (Click here for the full interview.)
Chinese moviegoers made good on his prediction. “Ne Zha 2,” released on local New Year’s Day on Jan. 29, has since broken a string of all-time local box office records in the country including IMAX China’s own. The Chinese-language adventure fantasy earned 562 million yuan (about $78 million) in IMAX box office revenue within 15 days of its release, surpassing “Avengers: Endgame” to become the highest-grossing IMAX release ever in China. “Ne Zha 2” was released in the U.S. on Feb. 13.
The film’s performance helped to push IMAX China’s Hong Kong-listed shares up by 3.3% to HK$8.99 on Monday, their highest close in 17 months; they eased by 0.9% to HK$8.91 today.
Back on the Nasdaq, shares in parent company IMAX – which holds 71% of IMAX China – closed at $26.97 on Friday, their best close in nearly eight years.
“It’s a really great opportunity for us,” said 40-year-old Manwaring said of the return of blockbusters. “We’re in a fortunate position where we really can bring an immersive experience into all forms of content. I’m very optimistic about the future and IMAX’s relationship with big productions and blockbusters,” Manwaring said.
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