The story
On 8 October 2015, IMAX China listed on the Hong Kong Stock Exchange under ticker 1970, offering approximately 62 million shares (around 17.4% of the total) at HK$31 each and raising roughly $248 million; IMAX Corporation retained a majority stake following the offering.
In July 2023, IMAX Corporation, which by then held approximately 71% of IMAX China's shares, proposed to acquire the remaining publicly held shares and take the subsidiary fully private, offering HK$10 per share in cash — roughly a third of the 2015 IPO price, though a premium of about 49% over recent trading levels — in a deal valuing the outstanding minority shares at approximately $124 million. IMAX cited weak appreciation of the stock by Hong Kong capital markets and declining sell-side analyst coverage as motivations. Although the proposal won support from roughly 70% of votes cast by disinterested shareholders (there was 61% vote participation by disinterested shareholders), it fell short of the threshold required under Hong Kong takeover rules, and the transaction was formally terminated later that year; IMAX China has continued to trade on the Hong Kong Stock Exchange since.
From Wikipedia’s article on IMAX China, shared under CC BY-SA 4.0.3