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Beijing—Jul 21, 2014
IMAX Adds 19 Theatres with Shanghai Film Corp. and Subsidiaries In Significant China Deal
Agreement Positions SFC, Number-Two Exhibitor in China, as Third-Largest IMAX Partner in China
IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced an agreement with Shanghai Film Corporation (SFC), Shanghai United Circuit Co. Ltd. (SUC) and Shanghai SFG-EPR Cinema Development & Management Co., Ltd. (SFG-EPR) for 19 IMAX® theatres to be located in new construction projects throughout China. Nearly all of the 19 sites - which will be sales agreements - have been identified, with a significant number scheduled for installation before the end of 2015. Today's deal bringsShanghai Film's IMAX commitment to 22 theatres, positioning it as the Company's fifth-largest partner worldwide.
"This is a fitting way to mark our decade-long successful partnership with IMAX," said Zhu Zhongxiang, General Manager of SFC. "We've witnessed the demand for The IMAX Experience increase exponentially and as we embark on a major expansion of our exhibition business, IMAX will serve as the anchor attraction for our new sites. We are confident this investment will be a hit with our guests and continue to solidify our leading position in China's exhibition market."
Shanghai Film Corporation is China's largest state-owned enterprise in the exhibition industry, with the second-largest exhibition market share in the country, and owns 100% of SUC along with a major share at its joint venture (SFG-EPR) with EPR, an entertainment REIT from Kansas City. Shanghai Film Group, SFC's parent company, and SUC opened their first IMAX theatre - which was the first commercial IMAX theatre in China - in 2004 and went on to open two additional IMAX theatres in 2006 and 2010.
The agreement continues IMAX's momentum in China, which has seen the Company's year-to-date box office increase by 50%, propelled by a strong film slate - including the success of Paramount Pictures'Transformers: Age of Extinction. The film set a new opening weekend record for IMAX in China with box office of $9.75 million - more than double the previous record.
"Our strong box-office results in China and our strengthening presence within the China entertainment ecosystem continues to yield results, as evidenced by today's significant commitment by SFC," said IMAX CEO Richard L. Gelfond. "After 15 years in the market, our dedication to our business in China and to supporting the development of the nation's film and exhibition market is stronger than ever. We are confident that with valued partners such as SFC, a new and exciting chapter in entertainment in China is upon us."
About Shanghai Film Group Co. Ltd.:
Shanghai Film Group Co. Ltd. (“SFG”) is composed of Shanghai Film Studio, Shanghai Animation Film Studio, Shanghai Dubbing Studio, Shanghai Documentary Film Studio, Shanghai Film Technology Plant, Shanghai United Cinemas, East Film Distribution Company，Shanghai East Movie Channel, Shanghai Film Park, Shanghai Art Designing Corp., and Crowne Plaza Hotel Shanghai etc. It is one of the largest film groups in China.Since 2003’s organizational reform, SFG has been sticking to the “open door” and“cooperation”policy. Producing a great diversity of films, its major business includes film (and TV drama) development, production, promotion, sales, distribution and exhibition. A complete business chain is being formed linking film & TV drama production, distribution and exhibition, technological services, media, film studios, and film education and so on. With leading production capacity, market share and international recognition in China, SFG is contributing actively to the development of Chinese film industry.
Shanghai Film Group Co. Ltd. Directory page
About IMAX Corporation:
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX Corporation Directory page
About Shanghai United Circuit Co. Ltd.:
Shanghai United Circuit Co. Ltd., (SUC) a wholly-owned subsidiary of Shanghai Film Corporation, is one of the leading cinema lines in China. Now it has over 200 affiliate complexes in 24 provinces with over 1000 screens and 11 IMAX screens. In 2013, SUC had BO of RMB 1.88 billion with an 8.6% share of China, making it runner-up in its peers.
Shanghai United Circuit Co. Ltd. Directory page
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