Film distributor Golden Harvest Entertainment (Holdings) hopes to steal a march on overseas rivals ahead of the mainland's expected entry to the World Trade Organisation. Executive director Phoon Chiong-Kit said the company would raise its presence in the mainland by teaming up with shareholder Village Roadshow of Australia and a mainland party to set up an Imax cinema in Shanghai next year. The cinema, which will show high-definition films, would cost US$5 million to build, he said. The cost would be shared according to the partners' respective shareholdings in the cinema. Golden Harvest and Village Roadshow would hold a combined 80 per cent with the remainder held by the mainland party. 'It's time to spread our foothold in major provinces before the mainland market opens up. China will soon join the WTO,' Mr Phoon said yesterday after the company's annual general meeting. Meanwhile, Golden Harvest chairman Raymond Chow Ting-hsing said he had no intention of selling any of his 55.74 per cent stake despite an ongoing legal dispute with Chase Manhattan Bank. '[The litigation] is no big deal,' he said. 'The whole thing won't affect the listed company.' Chase filed a writ against Mr Chow a fortnight ago for damages. It accuses him of failing to grant the bank all undertakings, properties and assets of Golden Harvest Pictures - a company controlled by Mr Chow - after Chase extended a HK$101 million loan to the company. Chase claimed Mr Chow had induced Golden Harvest Pictures to sell its prime assets - a library of 170 films - for US$25 million and used the proceeds to pay off other creditors. The bank also filed wind-up petitions against the controlling company of Golden Harvest Group, WFC Holdings and Panasia Films Production. Mr Chow said the three companies were undergoing voluntary liquidation.