China Film Group Approved for Shanghai IPO

After several failed attempts to IPO since 2004, the China Film Group has finally gained approval for an IPO in Shanghai with an estimated worth of over US $680 million. They now hope to raise 4.6 billion RMB with an offering of 467 million shares underwritten by CITIC securities. Around a quarter of these proceeds are set to support filmed productions, with another quarter earmarked for cinema construction.

This is a summary of an original Variety article.