Wanda Film: Last News

Patrick Frater Asia Bureau Chief Wanda Film, China’s largest cinema operator, has expanded its business relationship with Imax Corp. in a huge deal that straddles technology and content. With 381 Imax installations, Wanda alone operates more Imax venues than most countries.

Imax and Wanda Film, China‘s largest exhibitor, have announced a big expansion of their longtime strategic partnership there spanning technology and content.

Patrick Frater Asia Bureau Chief Wang Jianlin, the Chinese billionaire who previously sought to buy a controlling position in Hollywood, is preparing to complete his imminent exit from the film industry. The troubled conglomerate is facing debt repayment pressure.Wanda Film, which remains China’s largest cinema operator, Wednesday said in a regulatory filing to the Shenzhen Stock Exchange that Wang and his Wanda Investment vehicle expect to sell their remaining stake 51% in the company to China Ruyi Holdings. Ruyi, which operates across film, TV and online games, counts games, social media and streaming giant Tencent among its largest shareholders.

Patrick Frater Asia Bureau Chief Wanda Investment, a subsidiary of the privately-owned Chinese property giant Dalian Wanda, has sold an 8.3% stake in Wanda Film Holding for RMB2.2 billion ($306 million). Wanda Film, which is listed on the Shenzhen stock exchange, operates China’s largest circuit of multiplexes and retains a stake in Hollywood producer Legendary Entertainment (“Dune”). The buyer is Lu Lili, the wife of Shen Jun, the controller of East Money Information, a financial data platform, Wanda Film said in a regulatory filing this week. The share sale appears to be a move to raise finance for Dalian Wanda and Wang Jianlin, the politically-connected former army officer who built one of China’s largest property empires and from 2012 mounted a seven-year campaign to own a large chunk of Hollywood.

Patrick Frater Asia Bureau Chief Singapore has banned the release of “#LookAtMe,” a feature film by local director Ken Kwek. The InfoComm Media Development Authority said that the film exceeds film classification guidelines because it denigrates a religious community. Supposedly based in true events, the film depicts a man who is offended by a pastor who preaches against homosexuality, but whose behavior contradicts his teachings. The protagonist’s viral video about the aberrant priest lands him in jail, causing the man’s gay identical twin to fight for justice. “#LookAtMe,” premiered at the New York Asian Film Festival and local media report that the film has been selected for next month’s Singapore International Film Festival. But the IMDA ruling means that it cannot now be shown in any form in Singapore unless Kwek is successful with an appeal.