Imax China Holding Inc., a subsidiary of Imax Corporation and a Cayman Islands company, just began trading on the Hong Kong Stock Exchange — a big step toward expansion plans in China. Imax already has 251 giant screens in China, but there are 217 planned for construction. Imax has a 69.8% stake in Imax China Holding. It began trading under the stock code HK1970.
It reportedly has raised $248M after selling 62 million shares (or about 17% of outstanding shares). “We are very pleased with the result of our IPO in Hong Kong,” Imax CEO Richard Gelfond said in a statement. “We believe it provides investors the ability to access our Imax China business directly, and provides greater clarity into the performance of those assets in the fastest-growing entertainment market in the world. Going public has been part of our long-term China strategy, and we believe the introduction of local Chinese investors into the business will further solidify our position in the Chinese market.”
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