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China Literature Profits Grow in ‘Challenging Year’

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variety.com
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Despite what the company called a “challenging” period, Chinese online publisher and TV producer China Literature completed its first year on the stock market with a 22% increase in profits to $156 million (RMB1.1 billion).

It was rewarded with a 10% jump in its shares by midday Wednesday. The company, which was spun off from social media and games giant Tencent and listed on the Hong Kong Stock Exchange in December 2018, reported a 66% increase in revenue to $1.19 billion (RMB8.35 billion), for the year to December 2019.

One effect of the coronavirus outbreak is to see the company focus more on TV and less on feature film than had previously been planned for the current year.

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