State-owned cultural firms are following their private counterparts to stock market listing. Shanghai Xuandong Broadcasting Corp, a company owned by Shanghai Media Group (SMG), has filed a listing application with the China Securities Regulatory Commission. Xuandong general manager Yang Wenyan said last week: 'If things go smoothly, we might be listed either at the end of this year or the beginning of next year.' Xuandong's total assets topped one billion yuan (HK$1.14 billion) last year, while annual profit was more than 100 million yuan. Its main business is making animation movies and TV dramas while providing the platform to broadcast these programmes. Yang said: 'We are the only company on the mainland with operations in every joint of the animation industry.' SMG holds 64 per cent of Xuandong, while Shanghai Xinhua Media has 20 per cent and Shanghai Film Group Corp has 16 per cent. All three shareholders are state-owned enterprises. Pleasant Goat and Big Big Wolf, an animation film produced by Xuandong, achieved more than 100 million yuan at the box office this year, a record for animation films on the mainland. Tong Diyi, a fund manager in Beijing, said whether the market was robust or sluggish, it was important to get in first. 'To put it simply, a company, whether state-owned or private, wants market share. You only achieve that goal with enough money,' Tong said.