Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Google announced Google Glass Enterprise Edition 2 on Monday, a new set of smart glasses that's catered toward businesses and costs $999. Google has focused on business use...Technologyread more
From hiring parties to improved training, restaurants are thinking outside the box to attract and retain talent. A recent report from TDn2K, a restaurant analytics firm, found...Restaurantsread more
More than 170 shoe retailers, including Nike, Under Armour, Adidas, Foot Locker, Ugg and Off Broadway Shoe Warehouse, have penned a letter to the White House asking President...Retailread more
Microsoft on Monday announced new moderation for its Xbox platform in an effort to cut down on toxic content and to make gaming safer for everyone.Technologyread more
The finalists from the Council for Economic Education's National Economics Challenge will put their problem-solving skills to the test Monday in a high school economics...US Economyread more
China's box office takings surpassed the U.S. in the beginning of the year and that's setting the Chinese film industry up for a "Hollywood moment," HSBC said in a May report.
Box office revenues in China beat numbers out of North America in the first three months of this year, totaling 20.2 billion yuan (around $3.17 billion), according to numbers from Variety. Revenues collected in North American cinemas, referring to both the U.S. and Canada, came in at $2.85 billion during the same time frame, Variety said, citing data from ComScore.
Numbers from Maoyan, a Chinese online ticketing platform, matched the figures from Variety — a record for the highest box office takings by a single market in one quarter.
Analysts had previously forecast Chinese box office revenue to overtake the U.S. in 2017, but that was put on hold after growth in 2016 slowed. The slump in growth was blamed on the release of fewer quality movies, among other reasons.
But following that blip, "the growth story is now on track," said Gary Guo, head of A share media and internet research at HSBC Qianhai Securities.
He pointed to "Operation Red Sea" — a local war movie based loosely on events in Yemen in 2015 — beating Disney's "Black Panther" to the number one spot in March as a sign that China's film industry was "at the start of a new growth cycle."
Among the factors Guo sees contributing to that growth are the release of domestic films of better quality and higher spending power among urban residents, with third- and fourth-tier cities expected to contribute significantly to growth in the industry.
The increase in total cinema screens in the country, which had been the main reason boosting the number of cinema visits per person in past years, is expected to have less of an impact going forward.
Success in the box office was also a result of more compelling content being produced by local studios and the better selection of foreign films broadcast on the mainland, Benjamin Cavender, a principal at China Market Research Group, told CNBC.
Ent Group, a market research firm, has forecast that China's box office will surpass the 90 billion yuan ($14.1 billion) mark while revenues from sectors linked to the movie industry were expected to exceed 200 billion yuan ($31.3 billion) by 2022.
As more people head to the cinemas, one additional factor likely to contribute to growth is the development of more channels of revenue that rely on intellectual property rights from movies, Guo said.
"The expanding number of of sequels is one of the key factors behind the enduring success of Hollywood. Marvel, Transformers and Mission Impossible have all become strong IPs ... The same pattern is emerging in China," he said, citing local film franchises like "Monster Hunt," "Wolf Warror" and "Detective Chinatown."
Against that backdrop, HSBC Qianhai Securities initiated coverage on three companies operating in the mainland film and television industry: Huayi Brothers and entertainment company Enlight Media, which it has buy calls on, and a hold rating on China Film.
Huayi Brothers, a film and television production house, is behind blockbuster releases such as "The Ex-File 3: The Return of the Exes," which outshone "Star Wars: The Last Jedi" during its opening weekend in China, and the Feng Xiaogang-directed "Youth."
Beijing-based entertainment company Enlight Media, which backs online ticketing platform Maoyan, is responsible for "Lost in Thailand" and "The Mermaid," once the top-grossing film in China. Meanwhile, China Film is involved in multiple areas in the film business, including production, distribution and screening.