China s Talent-Owned Companies Under Scrutiny as New Tax Crackdown Looms
Rebecca Davis, provided by
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Chinese authorities have issued warnings of a new crackdown on entertainment industry financial practices and astronomical star salaries in wake of another high-profile celebrity tax scandal. The latest furor, involving actor Zheng Shuang, is the biggest since the 2018 downfall of Fan Bingbing and has echoes of the earlier scandal, albeit without a mysterious disappearance by the leading lady.
Last week, allegations emerged online that the immensely sought-after TV actor Zheng was paid $24.6 million for her work on a single web series. The figure massively exceeds the $7.7 million (RMB50 million) maximum that Chinese industry bodies say individuals can be paid for a single production.
Beijing Culture Share Price Leap Reflects Chinese New Year Box Office Surprise
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The embattled production powerhouse Beijing Culture has emerged as the biggest publicly-listed winner of the Chinese New Year box office bonanza. Its stock price has climbed 18% since the start of the holiday thanks to the success of its hit comedy “Hi Mom.”
The boost is a much needed one following two years of losses and a government investigation late last year that unveiled mismanagement and inaccurate figures in its prior financial statements. The stock has a history of spiking sharply upwards on good news, only to head lower at other times
China Box Office Hits Huge $775 Million Holiday Weekend, Led by $424 Million Detective Chinatown Debut
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China made history this weekend with record ticket sales of nearly $775 million (RMB5.0 billion) within the first three days of the Chinese New Year holiday, led by an incredible $424 million (RMB2.74 billion) debut from “Detective Chinatown 3.”
This marked the first time the country’s national box office has ever broken RMB1 billion ($155 million) a day for three consecutive days, a feat achieved despite caps on max theater capacity at 75% in most of the country and 50% in areas particularly at risk for COVID-19, such as the Beijing-adjacent Hebei province.