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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.

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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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