China’s box office takings surpassed the U.S. in the beginning of the year and that’s setting the Chinese film industry up for a “Hollywood moment,” HSBC said in a May report.

Box office revenues in China beat numbers out of North America in the first three months of this year, totaling 20.2 billion yuan (around $3.17 billion), according to numbers from Variety. Revenues collected in North American cinemas, referring to both the U.S. and Canada, came in at $2.85 billion during the same time frame, Variety said, citing data from ComScore.

Numbers from Maoyan, a Chinese online ticketing platform, matched the figures from Variety — a record for the highest box office takings by a single market in one quarter.

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