IMAX and its Chinese dream

But Li of CMC, backed by the National Development and Reform Commission, notes that an IPO is not his target now. Rather, he envisions a long-term momentum for the Chinese film industry by cooperating with companies from Hollywood.

"I am more concerned about what Chinese filmmakers can learn from working together with American companies to build a more sophisticated and professional industry here in China," he says. "Almost every link in our industry now is weak, from financing, law, education to production."

Imax sells 20% of its China business

IMAX, Wanda to add more cinemas

Responding to the Chinese government's eagerness to promote Chinese soft power all over the world, IMAX promises to export more Chinese films to overseas markets. In September 2012, Hong Kong director Tsui Hark's Flying Swords of Dragon Gate was released exclusively in IMAX theaters in the United States.

"With 837 theaters in 57 territories we'll continue to leverage our global theater network as a culture-exchange platform to showcase the artistry and talent of Chinese cinema in multiple countries."

Li is realistically positive about the expectations.

"The most important issue to address for Chinese filmmakers if they want a global presence for their films, is storytelling, not facilities," he says. "It needs time and patience, and the experiences and expertise gained in working with Hollywood."

IMAX's Chinese strategy also extends to small screens. The company and China's TCL Multimedia Technology Holdings Ltd announced on April 16 a joint-venture partnership with Wasu Digital TV Media Group as part of their IMAX TCL home theater initiative.

As one of China's largest digital content providers and one of five operators approved by the State to deliver multimedia content to the home, WASU will license and distribute IMAX-enhanced Hollywood and Chinese current theatrical and other content to the IMAX-TCL premium home theater system.

The deal builds on the 2013 joint venture agreement between IMAX and TCL to design, develop and manufacture a premium, fully integrated home theater system that is expected to launch in China and select other global markets in 2015.