Enlight stock surges 40%

BEIJING -- Stocks in Enlight Media Co. surged more than 40% on their debut on the stock market, as the Beijing company became the latest Chinese shingle to offer an IPO on the Growth Enterprises Market, China's Nasdaq-style market. The shares opened at 70.88 yuan ($11.01), up from the offer price of 52.5 yuan ($8.16) on its stock market debut on Wednesday. The shares closed at 74 yuan ($11.49). The past two years have seen IPOs by Huayi Brothers Media Corp., TV production company Zhejiang Huace Film and TV Co., and the distributor Bona Film Group. Other companies, such as state colossus China Film Group and cinema operators Wanda Cinemas, have said that they are preparing for IPOs. Among recent movies on the Enlight slate are two Gordon Chan movies, one an adaptation of a martial arts novel, "The Four Detective Guards," and the fantasy drama "The Mural." It also made Jingle Ma's tale of women speed racers, "Speed Angel," with Tang Wei, Cecilia Cheung and Rene Liu, and Gao Qunshu's romantic drama "A Sentimental Story." In April, the Bank of Beijing said it would provide $18.4 million in backing for Enlight. Enlight prexy Wang Changtian told the China Daily the shingle will mainly use IPO proceeds to improve the content of its TV programs and expand its distribution network. He said the company has no plans to build or operate cinemas itself, but it doesn't exclude the possibility of investing in or acquiring theater chains. In the next three years, Enlight plans to produce three to five movies a year with its investment and distribute 10 to 20 local films. Contact the Variety newsroom at news@variety.com