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China’s Wanda Film To Build More Cinemas Despite Heavy 2019 Losses, Coronavirus Impact
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deadline.comBy Nancy Tartaglione International Box Office Editor/Senior Contributor Undeterred by the current state of the industry, and despite posting a $668M profit loss for 2019, China’s Wanda Film is betting big on the local theatrical business.
The division of Dalian Wanda Group said that it intends to spend about $431M raised in a non-public offering of A shares to build more Middle Kingdom movie theaters over the next two years.
This comes at a time when the parent company recently declared bankruptcy speculation about its AMC Entertainment as “pure rumors.” Per Wanda Film’s annual report and other filings to the Shenzhen Stock Exchange, the company at the end of 2019 had 603 mainland cinemas, repping 5,343 screens.
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