IMAX Corp. is opening 14 new high-tech laser theaters in China in a deal with Wanying Cinema Line, a subsidiary of China Resources Land, one of the largest state-owned commercial developers. In an announcement Tuesday morning, the companies said the theaters are expected to open between 2018 and 2021, bringing the total number of contracted IMAX theaters in China to over 900. The theaters will be installed in Wanying's self-branded multiplexes in new luxury shopping centers developed by China Resources. "IMAX is now more entrenched than ever in the fabric of China's cinema industry as we continue to expand our network through forging partnerships with the nation's leading developers, exhibitors and studios and by presenting a growing number of Chinese blockbusters. These factors, coupled with today's agreement, reinforce our confidence in the China market and the growth opportunities that lie ahead to bring consumers a premium experience," said IMAX CEO Richard Gelfond. IMAX IMAX, +1.24% shares have gained 4.5% so far this year, while the S&P 500 SPX, +0.37% has gained 7.6%.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.