Film market sees revenue plunge

As the year approaches its midpoint, China's film market seems to be pausing for a brief "halftime" break — slowed by a recent sluggish performance but expected to be poised for a stronger comeback in the second half.

Combined with the May Day holiday receipts, this year's overall box office has reached 26.5 billion yuan ($3.67 billion), with more than half of the cumulative revenue contributed by Ne Zha 2 during its run since Spring Festival.

The animated hit has extended its theatrical release to May 31. Its highly anticipated sequel, Ne Zha 3, will take around five years to produce, reveals Wang Changtian, chairman of Beijing Enlight Media Co, the major investor of the Ne Zha franchise, during a recent conference organized by the China Film Administration.

Despite nine new movies being released during the five-day May Day holiday — a major box-office season — the holiday concluded with 747 million yuan in total box-office revenue, the lowest in eight years and decreasing 51.1 percent year-on-year, according to a report released by the Maoyan Research Institute.

Topping the holiday charts is actress Ma Li's biopic The Dumpling Queen, inspired by the touching story of Zang Jianhe — a divorced woman who raised two young daughters by selling dumplings on Hong Kong streets and eventually became a business legend as the founder of the popular food brand Wanchai Ferry. The film earned 192 million yuan during the festival.

Coming in second is Hong Kong megastar Andy Lau's A Gilded Game, a financial crime drama that sheds light on the shadowy corners of the investment banking industry and stock market. It grossed 134 million yuan.