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Listed film firms must tell when stars quit

By Zhao Qian (Global Times)

08:38, January 09, 2013

The Shenzhen Stock Exchange (SSE) said in a statement Tuesday that it requires film companies listed on its Growth Enterprise Board (GEB) to promptly disclose important information concerning the resignation of celebrity actors or famous directors, which would cause dramatic fluctuations in share prices.

The SSE said the move is to protect investors' interests.

"Any information about changes in cast members with core competitiveness should be disclosed," the statement said.

Specific production plans for films and TV serials, including the production start dates, must be disclosed one year ahead of time, the stock exchange mandated.

This is the first time the SSE has issued comprehensive guidelines for the film industry, whose firms began to get listed around three years ago.

"Because the business performance of film companies, like box office incomes, is rarely predictable, a timely release of information is necessary," Liu Debin, general manager of Poly Film Investment Co, told the Global Times Tuesday.

Huayi Brothers Media Corp, one of the first batch of companies that listed on the GEB, rose by nearly 150 percent to 63.66 yuan ($9.56) on its debut in October 2009, and saw dramatic share price fluctuations in the following years.

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