Film firm ready for its close-up

The preliminary prospectus for the State-owned Shanghai Film Group Co Ltd has been released on the website of the China Securities Regulatory Commission, indicating that it is poised to beat the China Film Co Ltd to become the nation's first listed State-owned movie company.

It plans to issue 93.5 million shares, accounting for 25.03 percent of its general capital, according to the prospectus. The proceeds will be used to invest in new movie theaters and to modernize older facilities.

Shanghai Film Group holds 95.52 percent of its own shares, while State-owned Shanghai JinWin Investment Co Ltd holds the rest.