Pre-sale, test-screening box office for Labor Day holiday hits 100 mln yuan

Pre-sale and test screening box office for a total of eight new films during the upcoming Labor Day holiday has totaled 100 million yuan (about 14.09 million U.S. dollars) in China as to the end of Saturday.

The five-day Labor Day holiday starting on May 1 is usually a busy movie screening season in China. Of the eight new movies to be released during the occasion, six are domestic productions.

Hong Kong action crime thriller "Twilight of the Warriors: Walled In" took the lead at the Chinese mainland's daily box office chart, as it grossed 43.38 million yuan (about 6.11 million U.S. dollars) as to 24:00 on Saturday.

Another Chinese action film "Formed Police Unit" themed on overseas peacekeeping mission was in the second place with some 19.54 million yuan (around 2.75 million U.S. dollars).

Japanese animated action film "Spy x Family Code: White" ranks third by amassing 18.85 million yuan (around 2.66 million U.S. dollars). In addition, multiple listed companies participated in production of the new films, and their box office performances are of great importance to the companies, an analyst said.

"The Labor Day holiday is relatively long, which can generate quite good box office revenue from movies. This will set a better tone for these companies' full-year market performance. Of course, for investors, May is also very important for the first half financial report of the year. If there is encouraging box office revenue and industrial performance achieved at this point, it will be great new for the first half financial report, and will also boost the investor confidence and industry's outlook in the second half of the year," said Zhang Yi, CEO and Chief Analyst of iiMedia Research.

With the recovery of the film market, the performance of listed film and television companies has continued to improve.

"The success on a film's box office revenue is almost directly related to the market reputation and share price performance of listed companies. Additionally, investment failures in films would have negative impacts on listed companies' financial expectations and the capital market's confidence in business development. Of course, a good reputation and reviews of the films are helpful as well. For investment companies, it also demonstrates their brand image," said Zhang.

Pre-sale, test-screening box office for Labor Day holiday hits 100 mln yuan

Pre-sale, test-screening box office for Labor Day holiday hits 100 mln yuan

China-Cambodia ties received a boost from Chinese investments in Cambodia's nascent new energy industry on Thursday, as the Cambodian Confederation of Investors Association hosted an event in the capital city of Phnom Penh to welcome these new investments.

The association is expected to better coordinate among ministries and enterprises to start this fresh phase of new energy investment.

Addressing delegates at the ceremony, Cambodian Prime Minister Hun Manet emphasized his government's strong focus on foreign investments in Cambodia, especially in the private sector.

He said Cambodia and China are engaged in close economic cooperation and promised that the Cambodian government will try its best to create a better business environment and solve problems. In recent years, several Chinese companies in the new energy technology and electric vehicle (EV) sector – including the Huaneng Group, Great Wall, BYD and Midea – have started building infrastructure in Cambodia.

"China-Cambodia trade relations have prospered in recent years. We've chosen to invest in new energy projects in Cambodia, including factories and charging equipment. We believe the investments in industries in Cambodia will further improve China-Cambodia friendship," said He Dong, president of ZM Trucks China.

For Cambodia, Chinese investment in electric vehicles and renewable energy plants offers an opportunity to benefit from technology transfers and industrial upgrading.

It would also help Cambodian businesses, create employment opportunities and improve people's living conditions.

"We welcome the investment very much because it helps Cambodia's economic development. It creates more job opportunities for Cambodians and is also good for the environment," said Kun Thai, general chairman of Cambodia Confederation of Investors Association.

The association is working actively with the Chinese new energy sector – to get more companies into Cambodia, and a wave of investment that will usher in positive changes.

Cambodia welcomes more Chinese investment in new energy industry