Chinese Filmgoers Journey Away From the West; home-grown films take six of the top 10 spots. China’s box office gross $2.7 billion, up 35% from a year earlier. The growth in sales for Chinese films: a whopping 94%

October 24, 2013, 2:02 PM

Chinese Filmgoers Journey Away From the West

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In the surprising battle for China’s box office so far this year, the Monkey King gave Iron Man an improbable beat down and a gaggle of Chinese college kids managed to hold their own against a group of tower-sized monster-destroying robots. If you want to be mega-successful in the movie business these days, you have to win the hearts of Chinese filmgoers. For years, Hollywood has raked in the lions share of China’s film spoils despite import restrictions designed to protect domestic movies. But as WSJ’s Wayne Ma and Laurie Burkitt report, that tide appears to have turned in 2013, with home-grown films taking six of the top 10 spots so far this year:Last year, Hollywood had significant pull in Chinese theaters, with foreign films accounting for 51% of box-office sales. Chinese films faced stiff competition from Hollywood blockbusters including “The Avengers,” “Mission Impossible: Ghost Protocol” and “Titanic 3D.” Only three of China’s top grossing films of 2012 were domestic. So far this year, foreign films accounted for 42%.

Industry insiders say that China’s domestic filmmakers have stepped up their game, producing better-quality movies such as “Journey to the West: Conquering the Demons,” a 3-D production that pulled in 1.24 billion yuan, and “So Young,” a coming-of-age story about a group of college students that made 717.3 million yuan at box offices.

The spoils are getting larger, with China’s box office grossing 16.42 billion yuan ($2.7 billion) through September, up 35% from a year earlier. The growth in sales for Chinese films: a whopping 94%

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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