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IMAX plans Hong Kong IPO for China unit

By Associated Press

IMAX plans Hong Kong IPO for China unit
Moviegoers queue up to buy tickets at a cinema in Beijing, Feb 9, 2014. (Photo / IC)

HONG KONG - IMAX is planning to sell shares of its China unit on the Hong Kong stock exchange.

The Canadian maker of widescreen cinemas filed an application late Thursday for the initial public offering of IMAX China Holding Inc.

The IPO comes as IMAX Corp. expands rapidly in China, one of its fastest growing markets and where going to the movies has become wildly popular.

Chinese box office revenue last year rose to US$4.9 billion, nearly three times more than in 2010, and the country is building an average of 15 screens a day.

IMAX said it had 239 theaters in China at the end of March, nearly double the number at the end of 2012. It has orders for 219 more theatres to be installed in China.

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