The animated film "Ne Zha 2" has achieved remarkable success in China, marking a significant milestone for the industry. Produced by Beijing Enlight Media, the sequel follows the footsteps of "Ne Zha 1," which dominated China's box office in 2019. Released in North America on February 14, "Ne Zha 2" became the top-grossing animated film worldwide, amassing over 13 billion yuan ($1.79 billion) in ticket sales and surpassing Pixar's "Inside Out 2."
Chinese animated films have been gaining prominence over the last decade, with "Ne Zha 2" setting a new benchmark for the industry. As Variety remarked,
"as far as the Chinese industry goes, this bold and breathtaking fantasy adventure stands alone."
However, despite such individual triumphs, the overall volumes of the Chinese film market saw a year-on-year decline of 1.4%. Nonetheless, the full-year sales rose by 2.7% to a substantial $59.77 billion. The performance of "Ne Zha 2" highlights both the growing global appeal of Chinese animation and the resilience of the Chinese film market in the face of broader challenges.
In financial markets, the Dow Jones Industrial Average managed a slight gain of 0.37% despite the market drop. The Nasdaq Composite, however, lost 1.35% and remains in negative territory for the year. Meanwhile, the S&P 500 fell by 0.47%, marking its fourth consecutive day of losses.
Amid these fluctuations, the 10-year Treasury yield experienced a dip following news of the market decline. Tom Lee, head of research at Fundstrat Global, characterized the setback as merely a
"flesh wound"
for markets, indicating a belief in their underlying resilience.
In corporate news, Tesla shares suffered a significant slump of 8.4%, dragging its market capitalization below $1 trillion to its lowest level since November 7. In contrast, Super Micro Computer reported more than doubling its sales in fiscal 2024 to $14.99 billion, showcasing robust growth. AB InBev also outperformed expectations with a 3.4% increase in fourth-quarter revenue to $14.84 billion, defying forecasts of a 2.9% decline to $14.05 billion.