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Shares of Beijing Enlight, one of China's fastest-growing film studios, fell 4.4 percent Friday, closing at a two-week low of 30.6 yuan ($4.99) on the Shenzhen Stock Exchange, amid concerns that the company's stock may have risen too far.
The stock had hit an all-time high in late May when Enlight shares reached 34.8 yuan ($5.67). At its current price, the company's stock is still up 170 percent from a year ago.
Enlight made its mark on the Chinese industry in December with its runaway hit, Lost in Thailand, which smashed domestic box office records, pulling in over $200 million in the country. The company followed that success with hit rom-com So Young, which grossed 45 million yuan on its opening day, setting a new single-day record for a Chinese language film not in 3D. The film went on to take over $110 million (about $10 million more than Iron Man 3 has so far earned in the country). Both the Enlight titles were reportedly made for $5 million or less.
Even with the recent stock dip, Forbes estimates Enlight founder and president Wang Changtian to be worth $1.4 billion (including a small stake in Enlight known to be held by his wife).
Englight is currently midway through a major marketing push in China for its next film, Badges of Fury, a police action thriller starring Jet Li and Wen Zhang. The film was sold to most major territories in the world -- including North America to Well Go, Japan to Happinet and Germany to Constantin -- by Arclight specialty Asian banner Easternlight at the Cannes market this month.
Badges of Fury opens in mainland China on June 28.
|1. Seeking Mr. Right|
2. Princess and Seven Kung Fu Masters
3. Ip Man: Final Fight
4. Journey to the West
5. An End to Killing