Chinese movies scrap Lunar New Year premieres due to virus outbreak

A virus outbreak in China has prompted seven Chinese films that were set to premiere during the country's Lunar New Year holiday to postpone screenings, forgoing what is usually the best week of the year at the Chinese box office.

The Chinese New Year holiday is traditionally a high season for movie distributors and cinema chains as people gather and enjoy leisure activities such as watching movies during the week-long holiday. But the new coronavirus has prompted a lockdown of central China's Wuhan city, where the outbreak started, as well as in neighboring Huanggang, and has led many people to cancel their travel plans and avoid public areas.

The canceled screenings include a film about China's national female volleyball team titled "Leap", starring actress Gong Li. "Detective Chinatown 3", the third episode of a popular comedy whose first two installments were commercially successful, also said it would not open on Jan. 25, as formerly planned.

A statement by "Lost in Russia" said its premiere date would be rescheduled because there were risks of the virus spreading in enclosed areas such as cinemas. China's film box office raked in 64.2 billion yuan ($9.30 billion) in 2019, according to the country's film administration, making it the second-largest market for moviemakers after the United States.

The virus and its impact on the film industry have driven down the share prices of related companies in recent days. Wanda Film Holding Co., the producer behind "Detective Chinatown 3", dropped 21% in the four-trading day week, declining as much as 7% on Thursday alone.

Alibaba Pictures that participated in the distribution of "Leap" and "Detective Chinatown 3" fell 13% this week. ($1 = 6.9040 Chinese yuan renminbi)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)