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    002739   CNE100001WW1

WANDA FILM HOLDING CO., LTD.

(002739)
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Cinemas in China begin to reopen after six-month coronavirus closure

07/20/2020 | 06:13am EDT

SHANGHAI, July 20 (Reuters) - Some cinemas in Chinese cities from Shanghai to Chengdu reopened on Monday after a six-month closure, raising hope that the world's second largest movie market can start to recover from painful losses during the coronavirus pandemic.

Chinese authorities last week said they would allow movie theatres in low-risk areas to resume operations in a restricted fashion, a long-awaited piece of news for a leisure industry that has seen many other venues revive recently.

Since March, COVID-19 infections have declined sharply and most of the country is now categorised as low-risk. In the past few days, however, parts of Urumqi, the capital of China's far western region of Xinjiang, have been classified as medium to high risk due to a fresh outbreak.

"Last night I was so excited, so, so excited. I more or less didn't sleep at all," a Shanghai resident who gave her surname as Yao said as she queued on Monday to enter a cinema - with a face mask on - to watch the premiere of "A First Farewell", a film set in Xinjiang.

Still, many cities kept their cinemas shut on Monday as Beijing said they would leave the final decision on whether to open up to local authorities.

Theatres in the capital Beijing, which experienced a fresh outbreak last month, for example, have not reopened.

China's largest cinema owner Wanda Film, which manages over 600 theatres nationwide, told Reuters it opened 43 theatres on Monday, 10 of which were in Shanghai.

As of mid-afternoon local time on Monday, 3.03 million yuan ($433,662.52) worth of tickets had been sold on the day, according to Chinese ticket sales platform Maoyan Entertainment.

China's film box office revenue was 64 billion yuan in 2019. The National Film Administration forecast in April that the industry would lose more than 30 billion yuan in ticket revenue this year. ($1 = 6.9870 Chinese yuan renminbi) (Reporting by Aly Song and Brenda Goh in Shanghai, Sophie Yu in Beijing Editing by Mark Heinrich)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
MAOYAN ENTERTAINMENT -1.26% 9.39 End-of-day quote.-23.28%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.08% 6.46354 Delayed Quote.-0.42%
WANDA FILM HOLDING CO., LTD. -0.47% 14.95 End-of-day quote.-17.31%
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Financials
Sales 2021 13 904 M 2 150 M 2 150 M
Net income 2021 1 253 M 194 M 194 M
Net Debt 2021 66,3 M 10,3 M 10,3 M
P/E ratio 2021 25,6x
Yield 2021 0,85%
Capitalization 33 505 M 5 182 M 5 182 M
EV / Sales 2021 2,41x
EV / Sales 2022 1,50x
Nbr of Employees 11 561
Free-Float 42,6%
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Wanda Film Holding Co., Ltd. Technical Analysis Chart | 002739 | CNE100001WW1 | MarketScreener
Technical analysis trends WANDA FILM HOLDING CO., LTD.
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Mean consensus BUY
Number of Analysts 10
Last Close Price 14,95 CNY
Average target price 20,02 CNY
Spread / Average Target 33,9%
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Managers and Directors
Xiao Bin Liu Chief Executive Officer & Director
Mao Jun Zeng President & Director
Shuo Huang Chief Financial Officer & Vice President
Lincoln Zhang Chairman
Chen Zhang Chairman-Supervisory Board