FAST NEWS: Maoyan’s Profit Havled as Pandemic Weighs on Movie Distribution

The latest: Maoyan Entertainment (1896.HK), China’s main online movie ticketing platform, issued a profit warning Wednesday, forecasting its net profit for the first half of the year would range between 130 million yuan ($19 million) and 180 million yuan, down 53.5% to 66.4% from 387 million yuan in the same period last year. Looking up: Since June 2022, with the gradual improvement of Covid-19 pandemic prevention and control measures in China, the entertainment industry has slowly rebounded. The operating rate of cinemas nationwide has recovered to over 80%, which is favorable…

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Kingsoft Cloud Joins Chinese Companies Pivoting To Hong Kong as Delisting Risk Grows

Kingsoft Cloud seeks to list in Hong Kong after being placed on a long list of Chinese companies that can be delisted in the U.S. under a law that requires the sharing of audit data Key Takeaway: Kingsoft Cloud has joined more than 100 companies that can be delisted in the U.S. amid an impasse between Washington and Beijing over a U.S. law that requires Chinese companies listed in the country to share audit records The company’s stock has lost more than 95% of its value from its peak, hit…

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Imax China Takes Double Hit From Covid Closures, Dearth Of Hollywood Films

Shares of the big-screen cinema technology provider in China dropped about 4% in the three days after it reported a plunge in its first-half profit Key Takeaways: Imax China barely remained profitable in the first half of 2022 as Omicron outbreaks and resulting control measures led to theater closures The number of Hollywood films released in China has dropped as well, which makes it difficult for theater operators to draw big audiences By Warren Yang More than two years into the Covid-19 pandemic, Imax China Holding Inc. (1970.HK) and other…

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