China Film Industry Suffering From Long COVID, Says Bona Film COO – FilMart

Patrick Frater Asia Bureau Chief “The Bad Kids,” a hit series from Chinese streamer iQiyi, is to be remade as a Japanese feature film “Gold Boy.” The 12-episode gritty crime thriller depicts the troubles that arise after three children accidentally film a murder. The series was previously licensed to Japanese pay-TV group Wowow.

Patrick Frater Asia Bureau Chief Alibaba, the Chinese e-commerce and media group, unveiled a top to bottom corporate restructuring that it says is intended to “unlock shareholder value and foster market competitiveness.”  The group, which has a current market capitalization of $228 billion, will split itself into six divisions of differing sizes. Each unit will have a CEO and a board of directors and can pursue independent fund-raising or even IPOs, when they are ready. At present Alibaba has its shares and ADR shares listed in Hong Kong and New York. Some parts of its media business also have their own Hong Kong share listing Alibaba Pictures. (And there is a healthcare business with yet another share quote.)

Patrick Frater Asia Bureau Chief Japanese animation film “Suzume” made just shy of $50 million on its opening weekend in mainland Chinese theaters. Data from consultancy Artisan Gateway, shows “Suzume” grabbing the top spot at the box office with $49.6 million (RMB342 million) between Friday and Sunday. That is the biggest opening score by any film this year outside of the Chinese New Year holiday week in late January. The next best is “Ant-Man and the Wasp: Quantumania” which opened with $19.4 million in mid-February. Directed by Shinkai Makoto, “Suzume” was a hit in Japan where it was released late last year and has remained on screens for a $105 million total. It played in February at the Berlin Film Festival, where it came away largely empty-handed, but has subsequently performed strongly in the Asian territories where it has released. (In South Korea, where it is now the second highest grossing film released in 2023, its third weekend is its strongest to date.)

Patrick Frater Asia Bureau Chief It is becoming harder not to perceive Tencent, China’s tech and entertainment giant and the world’s largest games firm by revenue, as a utility. It is now too big to be a growth stock darling and too widely-spread to escape the gravity of China’s underlying economic trends. Revenues in calendar 2022 flatlined at RMB554 billion, while net profits dropped 16% to RMB188.2 billion ($27.0 billion). The decrease reflected China’s economic reversal that began in the second quarter of the year with the arrival of a new COVID strain and stricter government measures to combat it. Tencent’s advertising revenues fell slightly, costs rose somewhat, and subscriber number were mixed – rising in music, but falling in video.

Patrick Frater Asia Bureau Chief “Like & Share” from Indonesia’s Gina S. Noer was named the best picture and collected the Grand Prix on Sunday at the Osaka Asian Film Festival. “All of us on the jury were struck by the film’s clear and powerful message, which affirms young women’s sexual curiosity and desire while clearly saying no to sexual violence. The style of the film is also original. The sweet, poppy feeling that fascinates the audience in the first half of the film becomes darker as the story progresses, making us shudder. “Like & Share,” with its strong message and brilliant direction, is a film that needs to be seen now more than ever,” said the jury in a statement.

Patrick Frater Asia Bureau Chief Hollywood’s new release titles fantasy action adventure “Shazam! Fury of the Gods” and horror thriller “M3gan” made only modest impressions on the box office in mainland China in their opening weekends. The box office chart was led by “Post-Truth,” a Chinese comedy which probes the impact of social media in a story about a wronged small-time businessman. It earned $18.8 million (RMB130 million) in its second weekend of release, according to data from consultancy Artisan Gateway. That was an increase of more than 10% on its opening frame. After ten days on release, “Post-Truth” has a cumulative of $51.2 million (RMB353 million).

Patrick Frater Asia Bureau Chief The Hong Kong Trade Development Council said Thursday that 7,300 executives from 41 countries had attended its FilMart and Entertainment Pulse events this week (March 13-16). “The revived physical marketplace was as vibrant and active as in the past,” organizers claimed. In 2019, the last year that FilMart was held as an in-person event, the TDC reported “close to 9,000 visitors from 52 countries and regions.” For 2023, it reported “over 700 exhibitors from 30 countries and regions,” including a record Mainland China exhibitor tally exceeding 330. Those numbers compared with 888 exhibitors from 35 countries and regions in 2019, including 264 exhibitors from China.

Patrick Frater Asia Bureau Chief The recent reopening of the mainland Chinese box office, including a $1 billion Chinese New Year holiday season, has put a different complexion on the global theatrical industry. Few companies could be closer to that change in fortune than Imax China, a stock market-listed subsidiary of the Imax Corp. The company operates as both a supplier of screens, audio and projection equipment for premium cinemas and as a partner in making local Chinese films fit for exhibition in the giant format. During Chinese New Year, Imax was represented by “Avatar: The Way of Water” and four Chinese movies. Daniel Manwaring, CEO of Imax China, spoke to Variety in his first interview since taking on the top job in January.

Patrick Frater Asia Bureau Chief U.K.- and Hong Kong-based company Phoenix Waters Prods. has formally partnered with Hong Kong’s Agog Films to create Phoenix Waters Asia, a new venture aimed at increasing content production in Asia. The venture was announced on the sidelines of a film investment conference held Tuesday in Hong Kong at the FilMart rights market, where Phoenix Waters Prods. CEO Bizhan Tong was a speaker. The two companies previously collaborated on “Chungking Mansions,” an ambitious pan-Asian action film on which Tong is director, and where production was previously scheduled for last year. Tong told Variety that lensing will start later this year, “after address any issues that could hinder filming in Hong Kong.”

Patrick Frater Asia Bureau Chief Hong Kong-based indie sales agent Good Move Media has added Japanese music drama “Plastic” to its FilMart slate. The film is directed by Miyazaki Daisuke, the Japanese helmer behind “Yamato (California),” which had festival play in 2016, and 2019 slacker youth title “Tourism” in 2019. The new picture is the story of teenagers Juna and Ibuki, who set out to find the psychedelic rock band Exne Kedy. Exne Kedy is a fictional creation from musician Ide Kensuke, who previously released punky album “Kensuke Ide With His Mothership — Contact From Exne Kedy and the Poltergeists,” but the band is actually credited as performing and providing part of the music track in the film. “Plastic” is recently completed and headed for a theatrical release in Japan in July.

Patrick Frater Asia Bureau Chief The Far East Film Festival in Udine, Italy, is back in full force in 2023, celebrating its 25th anniversary edition from April 21–29. A key component of the celebrations will be a focus on the Asian films of the 1980s. “We have never programmed these films, nor put together this kind of program before,” says Thomas Bertacche, the FEFF’s co-head. “But these were the films and directors that inspired us to shape Udine into the festival that it is today.” Pitching the historical lineup as “hidden treasures,” the selection is expected to include early works by Japan’s Kurosawa Kiyoshi, Thailand’s Nonzee Nimibutr and South Korea’s Jan Sung-woo.

Patrick Frater Asia Bureau Chief “Post-Truth,” a Chinese comedy film about a cemetery plot salesman trying to salvage his reputation in the face of online assaults, topped the cinema box office in mainland China over the weekend, ahead of another new release title “Revival.” Data from consultancy Artisan Gateway showed that “Post-Truth” earned $17.0 million between Friday and Sunday. Including preview, it has a cumulative of $20.3 million. Crime drama, “Revival” earned $10.3 million over the weekend and has a running total of $11.4 million including previews. The two newcomers dominated the box office and relegated Hong Kong-produced courtroom drama “A Guilty Conscience” to a distant third place. “Guilty” took $2.3 million (RMB15.8 million) for a cumulative of $23 million since releasing on Feb. 24.

Patrick Frater Asia Bureau Chief Singapore’s Mocha Chai Laboratories and Emissary Pictures, a company that straddles New Zealand, Australia and Indonesia, have announced a strategic partnership for the development and production of cross-cultural films, series and content in Asia. The venture will have offices in all four countries and will identify, develop and produce content across genres and formats, including films, television series, documentaries and digital content. The agreement was announced in Hong Kong on the first day of the FilMart rights market. The pair say that they have scripted and unscripted projects in development and production. Slate details, however, remain under wraps as do distribution plans.

Patrick Frater Asia Bureau Chief After three editions that were canceled due to a combination of COVID and bad timing, Hong Kong’s FilMart film rights market may have finally had some things go its way. It opens March 13 with many factors now moving in its favor. Not least of these are the moves by the Hong Kong government to end its previously harsh and persistent disease-control measures. The city wound down its disruptive quarantine and tracking measures at the end of 2022, opened its borders in January and finally dropped its mask mandate in the last 10 days. “We saw an immediate jump in interest from buyers and sellers after Chinese New Year’s border opening and there were no more restrictions on the food and beverage sector,” says Gloria Chan, section head for the entertainment industry at FilMart organizer, the Hong Kong Trade Development Council.

Patrick Frater Asia Bureau Chief Hong Kong-based indie sales agent Autumn Sun comes to FilMart with a bulging slate of new film titles from around Asia — including two animated features from mainland China. Autumn Sun, headed by sales veteran Elliot Tong, is giving a market premiere to “Planet Cat,” an animated feature by Song Yuefeng (“Ping Pong Rabbit,” “Throne of Elves”) about a chance meeting between a stray cat and a girl in a city at night. The film is produced by Nuctopus Studio and Dreamers Studio and previously won a development prize at the Beijing International Film Festival. The feature is now in post-production and a promo reel is being screened at the market.

Patrick Frater Asia Bureau Chief The much-decorated Japanese drama “Drive My Car” was named the best film Sunday at the Asian Film Awards, defeating hot favorite “Decision to Leave.” Other notable awards went to Japan’s Hirokazu Kore-eda whose “Broker” debuted at Cannes, but which was largely shunned in his home country. “Decision to Leave,” which started the evening with ten nominations, was nevertheless rewarded with three awards, best screenplay, best production design and best actress for China’s Tang Wei.

Patrick Frater Asia Bureau Chief CJ ENM is putting an emphasis on TV content over feature film at the upcoming FilMart rights market in Hong Kong. The South Korean behemoth, which operates multiple studios and the TVing streaming platform, is touting at least six shows and formats. Sebastian Kim, the group’s director of international content sales and acquisition, will also be taking part in a Monday morning seminar “Spotlight Conversation: The Asian Wave in 2023 and Beyond” at FilMart. His lineup is headed by “The Heavenly Idol,” a fantasy, romance series which sees a priest from a different era transported to the present day as a pop idol. His training makes him a hopeless celebrity, but he has to learn to adapt. Starring Kim Min-gue and Go Bo-gyeol, the 12-part series began airing mind-February on tvN.

Patrick Frater Asia Bureau Chief The Asian premiere of Soi Cheang’s “Mad Fate” is just one of three locally-produced movies that have been set as the opening and closing titles of the upcoming Hong Kong International Film Festival. “Mad Fate” is joined in the festival opening slot on March 30 by “Elegies,” Ann Hui’s documentary portrayal of the topography of contemporary local poetry, which will have its world premiere. The closing film, another world premiere, is “Vital Sign,” an affecting drama directed by Cheuk Wan-chi and starring Louis Koo, Yau Hawk-sau, and Angela Yuen, which will wrap up proceedings on 10 April. In total, the festival has programmed some 200 films from 64 countries and territories. These include nine world premieres, six international premieres, and 67 Asian premieres.

Patrick Frater Asia Bureau Chief Philippines media powerhouse ABS-CBN is launching “The Bagman” action drama series as a remake of its own “Bagman” digital production and will launch it at Hong Kong’s FilMart next week. The original “Bagman,” which ran to two seasons and sold to Netflix in The Philippines, follows a neighborhood barber who lands a job as the governor’s henchman and gets caught up in a dangerous web of crime, corruption, and political turmoil. That is a familiar story for ABS-CBN itself. The company was until 2020 The Philippines leading broadcaster. But it dared to criticize the policies of then president Rodrigo Duterte and found its TV licenses were not renewed. Since the loss of its TV broadcast operations, ABS-CBN has repositioned itself as a mass content company working as a producer with other producers and broadcasters and outputting news to its website, streaming service iWantTFC and YouTube channels. It also operates related businesses in talent management and events.

Patrick Frater Asia Bureau Chief American musical comedy film “Lyle Lyle Crocodile,” is set to release in mainland China cinemas, having received approvals for import and distribution from Chinese authorities. It will play in China from April 15, 2023. The film was released in North America in early October last year and many other territories at the end of 2022. Parts of Asia have been later to receive the title with Korea and Taiwan play it from January and Japan set to open it from March 24. The film has grossed $108 million worldwide, with $60.9 million of that coming from international markets and $46.8 million from the North American domestic market, studio backer Sony Pictures reported.