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China's First Joint-stock Film Company Set Up
China's first joint-stock film enterprise, the Xiying Co., Ltd., was set up Thursday in Xi'an, capital city of northwest China's Shaanxi Province.
The establishment of the company is expected to speed up the reform and industrialization of China's film industry, said Zhao Shi, deputy director of the State Administration of Radio, Film and Television, at the inauguration ceremony.
Composed of eight film studios and companies led by the Xi'an Film Studio, the new enterprise has a registered capital of over 60 million yuan, with state capital accounting for a dominant 58. 29 percent.
The film enterprise's business scope covers film, TV play, advertisement, video and audio products, as well as tourism and software development.
Company chairman Zhang Pimin said that they will work to become the largest video and audio product manufacturer and provider in central and western China.
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