The Shanghai Film Festival runs from June 5 to 13 this year. The most important award is the Jinjue Award, which is supposed to be the Shanghai equivalent of Cannes' Palme D'Or.

A source we can call Deep Chicken (who is well placed deep within the byzantine Chinese film industry) informs Danwei that the winner of this year's Jinjue Award has already been decided, in advance of the festival!

Ladies and Gentlemen, the winner will be:

Jasmine Women
Director: Hou Yong
Starring: Zhang Ziyi (pictured), Joan Chen, Lu Yi, Jiang Wen, Zeng Zhiwei

We'll soon know if Deep Chicken's information is accurate. Of course, the film does have an all star cast, so it is a favorite anyway.

In the meantime, here is some information about the festival from their website.

First run in October 1993, the Shanghai International Film Festival was accredited by the International Federation of Film Producers Associations as the only "A" category international film festival in China, which is a non-specialized competitive international film festival. The Shanghai International Film Festival is co-directed by the State Administration of Radio, Film & TV and the Shanghai Municipal Government. According to the FIAPF International Regulations, this annual Festival comprises four major activities, including "Jin Jue" Award International Film Competition, International Film Panorama, International Film & TV Market and "Jin Jue" International Film Forum.