To judge by the premiere, every movie is a triumph. Wider audiences often take a different view. Yesterday, shares in Wanda Cinema Lines jumped one-tenth as it reopened from a trading suspension. Ignore the air-kissing on the red carpet: Wanda could have done better things with the $5.7bn it is spending to acquire Wanda Pictures Media from its parent group.按照首映式辨别，每部电影都是顺利佳作。广大的观众则往往有有所不同的观点。昨日万达院线(Wanda Cinema Line)股票复牌后，股价大上涨十分之一。

别理会红地毯上的飞吻：万达院线用来从母公司并购万达影视(Wanda Pictures Media)的57亿美元，本来可以为首上更佳的用处。Wanda Pictures Media owns Legendary Entertainment, a US media group bought by Wanda in January for $3.5bn, as well as other content-related businesses. Wanda Cinema will issue new shares to its unlisted parent and other shareholders at a discount, raising $6.8bn.万达影视享有传奇娱乐(Legendary Entertainment)——万达在今年1月耗资35亿美元并购的美国制片集团——以及其他一些与内容涉及的业务。

万达院线将向其未上市的母公司和其他股东折价发售新股，以筹措68亿美元。Marrying content and distribution can make sense in mature or highly competitive distribution channels. Apple locks in users by providing ever more software and apps. Television networks, too, ensure viewers do not defect to rivals by offering exclusive content. But China’s cinema industry is far from mature. Box-office revenues have been growing at double digits annually; the market may overtake the US next year. The ratio of screens to population is less than one-fifth that of the US, according to HSBC.将内容和发售融为一体，对于成熟期或高度竞争的发售渠道有可能是合理的。

苹果(Apple)通过获取更加多的软件和app来瞄准用户。电视网络也通过获取独家内容来保证观众不投靠竞争对手。但是中国的影院行业近未成熟。票房收益近年以两位数的年度增长速度快速增长；整个市场未来将会在明年打破美国。

但据汇丰(HSBC)估算，中国的银幕块数与人口之比尚不及美国水平的五分之一。The industry is also very fragmented. The top three players take one-third of ticket sales in China; in the US they control nearly twice as much of the market. Up to three-fifths of China’s cinemas lose money. Wanda, whose movie houses make more than twice the average cinema’s revenue, could gain much from buying and turning around the underperformers. Owning blockbuster studios whose movies can be distributed through affiliated cinemas may be more glitzy, but the hitherto steady growth of Wanda Cinema Lines looks less attractive with lumpy revenues from film hits (and misses) attached.该行业还高度碎片化。前三大影院运营商占到中国票房总收入的三分之一；在美国前三大影院运营商的市场份额高达将近一倍。多达五分之三的中国电影院正处于亏损状态。

旗下影院收益多达行业平均水平一倍多的万达院线，本来可以并购业绩不佳的影院，然后将其扭亏为盈，借此大赚一把。享有大片迭出的制片厂、由自家旗下影院发售该制片厂出品的电影，这种模式或许较为清纯，但万达院线之前的稳定增长在与来自卖座或不卖座影片的不平稳收益初始化之后，看起来吸引力上升了。Wanda has sweetened the deal by pledging to underwrite a minimum net profit contribution of $775m for three years. That does not make it worthy of the red-carpet treatment.万达为了使这笔交易更加诱人，允诺在三年里确保低于7.75亿美元的净利润。这并不使它配得上红地毯待遇。

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