(Yicai Global) Aug. 8 -- Chinese action film Wolf Warriors II tops the box office in the domestic film market, and this rocketed the stock price of its issuer, Beijing Jingxi Culture & Tourism Co. (Beijing Culture) [SHE:000802], over 50 percent.
Many senior managers of Beijing Culture have, however, now sold their shares, sending the share price slipping nearly 10 percent today.
Since its July 27 release, Wolf Warriors II -- which enacts the overseas rescue of a retired Chinese special forces soldier -- has drawn rave audiences. By the night of Aug. 7, its total box office reached CNY3.4 billion, bumping The Little Mermaid -- which took in CNY3.4 billion in receipts -- to become the new star on China's silver screen.
Beijing Culture announced yesterday that several senior executives and financial planning personnel intended to sell up to 1,436,500 of their shares. This news caused the company's stock to open low today and drop nearly 9.8 percent to close at USD2.86 (CNY19.07).
Its shares have traded frequently in the eight days since reaching its Aug. 1 daily limit. The turnover rate yesterday hit 21.24 percent, the highest recent record. Transaction data shows continuing sales of its stock by many institutions.