• The demand for IMAX China shares has not met expectations, according to a filing on Wednesday.

The demand for IMAX China shares has not met expectations, according to a filing on Wednesday. (Photo : Reuters)

Besides Dalian Wanda, another entertainment company in China is building more IMAX cinemas, further cementing the country’s title as the largest-movie market in the world based on theater screens.

The new screens are the result of an agreement signed among Bona Film Group, IMAX Corp. and IMAX China Holding for the construction of 30 new IMAX theaters in new complexes throughout China. The construction would be five cinemas a year.

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From 5 to 35

With the deal, Bona, a leading movie distributor and vertically integrate film production company in China, would boost its footprint to 35 from five. It would also make Bona among the top five IMAX exhibitor partners in China.

“As one of the most influential film studios in China and a growing force in the nation's exhibition market, today's substantial sales agreement with Bona Film Group underscores the confidence China's leading industry players have in IMAX to deliver long-term strategic value,” IMAX CEO Richard L. Gelfond said. He added that IMAX’s partnership with BONA reflects its diverse and multifaceted approach to its China business after it made record-signing activity in 2016 as China overtook the U.S. in number of cinema screens, according to The Hollywood Reporter.

Dalian IMAX to Open Soon

Bona’s first IMAX cinema was in Tianjin which the company opened in 2012, followed by IMAX theaters in Beijing, Taiyuan and Wuhan. The company is scheduled to open another IMAX movie house in Dalian. Bona’s first movie it distributed is “Flying Swords of Dragon Gate” in 2011. It was the first IMAX 3D showing of a Chinese-language movie in China. The second was “White-Haired Witch” in 2014.

The deal is a direct result of the tremendous success of IMAX’s existing theaters and IMAX film releases, Yu Dong, founder and chairman of Bona Film Group, said. He added that IMAX has become one of the strongest entertainment brads in China and Bona is proud to associate with the premium IMAX brand.