If buying Chinese shares was not already sufficiently entertaining, Imax is about to increase the thrill factor still further — by listing shares in its China unit on Hong Kong’s stock market.如果说购入中国股票还过于有意思，IMAX于是以打算进一步提高性刺激程度——它将把其中国分部在香港上市。Although the issue is small — up to a maximum $317m if the overallotment option is exercised — it should attract interest. China’s entertainment industry is representative of the shift in the economy from investment to consumption, and buying experiences over things. Last year, China’s box office became the first outside the US to surpass $4bn, with revenues rising nearly two-fifths year on year, says researcher IHS Technology.虽然募资规模较小——在行使超额配股权的情况下最少也只有3.17亿美元——这只股票应当不会更有投资者的兴趣。

中国娱乐业是中国经济从投资驱动向消费驱动转型的一个代表性行业，它也代表着体验型消费的风行。研究机构IHS Technology回应，去年中国沦为美国以外首个电影票房收益突破40亿美元的国家，快速增长了近五分之二。Imax China looks well placed to benefit. The company makes money from equipment sales, revenue sharing agreements and systems maintenance. Its partners operate 251 cinemas in greater China (including Hong Kong and Taiwan) with a further 214 to be installed up to 2021.IMAX中国(IMAX China)十分有期望从这种快速增长中受益。

该公司通过设备销售、收益分账协议及系统维护赚。在还包括香港和台湾在内的大中华区，IMAX的合作方运营着251家电影院，到2021年还要再行建设214家。There is more room to grow. Imax and similar non-conventional screening technologies account for less than 5 per cent of a broader cinema market that is still underpenetrated. China has only 1.8 silver screens per 100,000 people, compared with 14.9 in the US; lower-tier cities with fewer screens are experiencing the most rapid box office growth. The company also plans to build a facility to convert Chinese-language films to the 3D Imax format. Revenue sharing arrangements for such movies are typically more generous than for Hollywood flicks, which accounted for 22 out 28 films screened by Imax in China last year.快速增长空间相当大。在渗透率依然不高的中国电影市场，IMAX和其他非常规银幕技术所占到的份额还将近5%。

中国每10万人只享有1.8块银幕，大大高于美国的14.9块。在银幕较少的中国三四线城市，票房快速增长尤为快速增长。该公司还计划建设一座工厂，将中文电影并转做成3D IMAX格式。相比好莱坞电影，此类电影的收益分账一般更高。

去年IMAX在中国公映了28部电影，22部都是好莱坞电影。The proposed issue of new and existing shares could give the company a market value as high as $1.6bn. On a price to earnings ratio of 30 times 2016 earnings — a premium to the parent’s 26 times — Imax China would need to more than double its 2014 earnings to justify the top end of the price range. It may well do that. But buyers will have to be confident that Chinese cinema goers continue to put high value on the novelty of an Imax ticket.IMAX中国计划发售现有股份和新股，公司市值有可能超过16亿美元。

比较2016年预期盈利，市盈率为30倍，低于其母公司的26倍。IMAX中国必须拿走比2014年低一倍以上的盈利，才能证明其发行价区间的高端是合理的。

这是很有可能做的。不过，购股者必需抱着有这样的信心：中国观影者不会之后热衷IMAX电影所带给的新鲜感。

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