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updated: 11/28/2012 7:54 AM

China film studios plan Shanghai stock offerings

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Associated Press

HONG KONG -- Two big Chinese state-owned film studios are planning to sell shares on the Shanghai stock exchange in a sign of Beijing's desire to build a film industry that can compete with Hollywood.

China Film Co. and Shanghai Film Group Co. are on a list of companies preparing to go public in Shanghai. The list was posted this week on the website of the country's securities regulator.

No details were provided on how much money they plan to raise or timetables for their initial public offerings.

A stock offering would help the companies raise money for big-budget blockbuster productions rivaling the Hollywood movies that are increasingly popular in China's government-controlled film market.

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