Tencent-backed Maoyan Weiying, China’s largest online movie ticketing service, has filed for a public offering on the Hong Kong stock exchange. The company, which submitted a prospectus under the name Entertainment Plus, didn’t say when the IPO will be or valuation details, but reports earlier this year said Maoyan aims to raise up to $1 billion.
The timing of Maoyan’s IPO is noteworthy because it comes as another Tencent investment, Meituan-Dianping, is preparing for its own debut (Meituan is also one of Maoyan’s investors). Both Meituan and Maoyan are key chess pieces in Tencent’s online-to-offline services rivalry with Alibaba. Meituan holds the leading market share for online services in China by market volume, though Alibaba wants to challenge that with Ele.me and Kuobei, which it recently raised $3 billion for after consolidating the two into one holding company. Likewise, Maoyan is the largest online movie ticketing app service in China, but is up against Alibaba’s Tao Piao Piao.
Last November, Maoyan raised RMB 1 billion (about $150 million) from Tencent at a RMB 20 billion valuation, a couple of months after merging with Weiying, another ticketing service backed by Tencent. In …read more
Source: Tech Crunch