China Film Group, the nation’s only state-owned movie studio, will became the first company in the mainland’s movie industry to go public, China Business Net reported (in Chinese). The company did not specify where it will be listed. Preparation work for IPO application has begun after the plan was approved by the party’s Central Committee publicity department and The State Administration of Radio Film and Television. Funds from the listing will be used to build cinemas and enhance the development of movie merchandise. The company posted US$221 million in revenue in 2006, according to estimates by Guotai Junan Securities.