Chinese movies scrap Lunar New Year premieres due to virus outbreak

Damai Entertainment Holdings

23/01/2020 11:44

By Sophie Yu and Brenda Goh
    BEIJING, Jan 23 (Reuters) - A virus outbreak in China has
prompted seven Chinese films that were set to premiere during
the country's Lunar New Year holiday to postpone screenings,
forgoing what is usually the best week of the year at the
Chinese box office.
    The Chinese New Year holiday is traditionally a high season
for movie distributors and cinema chains as people gather and
enjoy leisure activities such as watching movies during the
week-long holiday. 
    But the new coronavirus has prompted a lockdown of central
China's Wuhan city, where the outbreak started, as well as in
neighbouring Huanggang, and has led many people to cancel their
travels plans and avoid public areas. 
    The cancelled screenings include a film about China's
national female volleyball team titled "Leap", starring actress
Gong Li. 
    "Detective Chinatown 3", the third episode of a popular
comedy whose first two installments were commercially
successful, also said it would not open on Jan. 25, as formerly
planned.
    A statement by "Lost in Russia" said its premiere date would
be rescheduled because there were risks of the virus spreading
in enclosed areas such as cinemas. 
    China's film box office raked in 64.2 billion yuan ($9.30
billion) in 2019, according to the country's film
administration, making it the second-largest market for movie
makers after the United States. 
    The virus and its impact on the film industry has driven
down the share prices of related companies in recent days. 
    Wanda Film Holding Co.  002739.SZ , the producer behind
"Detective Chinatown 3", dropped 21% in the four-trading day
week, declining as much as 7% on Thursday alone.
    Alibaba Pictures  1060.HK  that participated in the
distribution of "Leap" and "Detective Chinatown 3" fell 13% this
week.
 ($1 = 6.9040 Chinese yuan renminbi)

 (Reporting by Sophie Yu and Brenda Goh;
Editing by Alison Williams)
 ((Sophie.Yu@thomsonreuters.com; 861056692136;))