Shares of TV and movie production and entertainment companies stage a rally on Friday after the latest date showed strong box office sales during the summer vacation. An index tracking the sector compiled by Wind Information is surging more than 1.8% as of 11:10 am local time, making it one of the best-performing sectors in the A-share market, compared to 0.2% gains for the benchmark Shanghai Composite Index.
H&R century Union Corporation and Alpha Group are surging by the daily limit of 10%, China Television Media up 3.8%, Beijing Jetsen Technology up 3.8%, Huayi Brothers Media Corporation up 2.8%.
China’s movie box office during the summer vacation season in June – August this year reached 9.13 billion yuan ($1.32 billion), marking a highest since the start of COVID-19 outbreak in the end of 2019 and rising about 24% from a year earlier, according to data from Chinese ticketing platform Maoyan. China recorded 233 million moviegoers during the holiday season, an increase of nearly 20% from 7.38 billion yuan seen during the same period last year, showed the data.
According to the data, the average ticket price during the period reached 39 yuan, the highest since 2011, rising 7% from 2021 and 11% up over 2020. The annual average ticket price so far in 2022 stood at 42.1 yuan, over 14% high than the level in 2020 of 36.9 yuan, according to Maoyan.
