www.research.hsbc.comDisclosures&Disclaimer:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.EquityResearchReportChinaCinemaInitiatecoverage:BackinthespotlightChina’sbigcinemachainsarepoisedforaperiodofsustainedgrowth.WeforecastthatboxofficerevenuewillriseataCAGRof11.8%over2019-21eThemarketleadersthatareincreasingtheirreachacrossthevaluechainshouldbenefitmostInitiatecoverageofthreecinemachains–WandaFilm(Buy),HengdianEntertainment(Buy)andShanghaiFilm(Hold)–andupgradeChinaFilmtoBuyfromHoldMediaMarch2019By:GaryGuo(S1700517120002)andJingHan(S1705518080001)1Equities●MediaMarch2...