From the morning through the afternoon session on August 18, Hong Kong–listed film and TV names advanced broadly. Linmon Media jumped nearly 12% at the open, while Damai Entertainment Holdings Limited and Maoyan Entertainment rose about 6% and 4.5%, respectively. Gains widened after midday: reports showed Linmon Media up more than 26%, Strawbear Entertainment Group up over 13%, and Damai Entertainment Holdings Limited and Maoyan Entertainment up around 9.8% and 5.9%. On the A-share side, the film & TV sector surged at the open, led by Huace Film & TV and Beijing Baination Pictures Co., Ltd., both up over 10%, with Huayi Brothers and H&R Century following higher.

(Image source: uSMART HK app)

Data & Catalysts: Box Office Rebound Plus Stock-Specific Drivers

The summer box office is providing the most direct fundamental support. By the early hours of August 18, cumulative summer box office reached RMB 9.956 billion, approaching the “RMB 10 billion line,” with total admissions above 260 million. Dead to Rights continues to lead, with follow-through from titles including Nobody, Dongji Island, and 731.

Beyond the macro data, stock-specific catalysts are also landing. A new series produced by Linmon Media—Moonlit Reunion (working English title)—has been slated for exclusive streaming on Tencent Video, improving the cadence of content supply and amplifying sentiment amid a hot summer season. For Maoyan Entertainment, financial disclosures indicate continued expansion in ticketing and large-scale offline event agency (including top-tier concerts and esports), positioning it to benefit from a dual recovery across “film + live events.”

Flows & Market Reaction

Over the weekend, rumors circulated about quicker approvals and a marginal easing of thematic constraints. Coupled with this year’s top-down push for high-quality cultural development, that narrative acted as a trading trigger. Several brokerages compare the sector’s elasticity to the game industry’s rebound when license approvals improved at the margin, emphasizing a twin engine of “policy + content.”

The sentiment spillover is evident in the linkage between Hong Kong and A-shares: limit-up rallies on the mainland lifted risk appetite, while in Hong Kong, realized box office and improved order visibility for content companies drove volumes higher—creating a cross-market “resonance day.”

In the near term, cinemas and ticketing platforms are most sensitive to box-office upside, followed by film content producers. As slates and series deliveries enter the revenue-recognition window, earnings realization will be crucial for valuation resets. Event catalysts for Hong Kong names (e.g., air-dates, slate announcements, series launches) and trading intensity in A-shares can reinforce each other, with funds preferring names that have both data and catalysts amid index strength.

What to Watch Next: Slate Stamina and Non-Box-Office Monetization

First, watch slate stamina and word-of-mouth. Mainstream reporting indicates Dead to Rights is still climbing and has announced a key extension; the release schedule and reception of Nobody, Dongji Island, and 731 will shape the slope of the box-office curve into late summer and ahead of Mid-Autumn. If seat utilization and showtimes remain elevated, cinemas’ operating leverage and leading content producers’ cash conversion should improve.

Second, monitor non-box-office monetization. Maoyan Entertainment is expanding in large concerts and esports events, allowing foot-traffic recovery to flow through to the P&L via service fees and brand partnerships. If IPs can be operated across multiple formats (short dramas, variety, merchandise, e-commerce tie-ins), that should further smooth the single-title cycle.