Entertainment Stocks Tumble in Hong Kong as True Cost of Wuhan Virus Emerges1 min read
Reading Time: < 1 minuteThe Hong Kong stock market tumbled by nearly 3% as it reopened on Wednesday. This was the first opportunity for local equities to be traded since the Chinese New Year holidays and the escalation of the coronavirus outbreak that started in Wuhan, central China.
There were steep falls for some of the companies most exposed to the closure of mainland Chinese cinemas over the normally busy Chinese New Year season, and the cancellation of the release of seven Chinese tentpole movies.
Shares in Imax China, which operates over 600 screens, dropped by 7% to HK$15.52. Huanxi Media, the company that called off the theatrical release of its Lost in Russia movie and opted instead for an online deal, crumpled by 8.7% to HK$1.79. But that follows a spectacular 33% jump on Friday from HK$1.34 to HK$1.95, when news of the streaming deal was first announced.
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