State-ownedChina Film GroupCorp. unit China Film Co. has obtained regulatory approval for aninitial public offering on the Shanghai Stock Exchange, The Hollywood Reporter reported July 11, citing the Securities Regulatory Commission's announcement onthe social media platform Weibo.

The filmcompany is planning to list 467 million shares and raise approximately 4.6 billionChinese yuan, the report said, citing an earlier application filing.About 27% of the capital raised would reportedly be allocated for film and TVproduction, while another 26% would be invested in expanding the number ofdigital cinemas.

A date forthe offering wasn't immediately set, according to the report.

As of July 11, US$1 was equivalent to 6.69Chinese yuan.