Wednesday , October 17 2018

China’s movie ticketing app plans $1 billion IPO

Bloomberg

Maoyan Weying, China’s biggest online movie ticketing platform, is planning a Hong Kong initial public offering that could raise about $1 billion, people with knowledge of the matter said.
The company, which also helped fund the latest “Transformers” movie, has held initial discussions with potential advisers about the share sale, according to one of the people. It is targeting a listing later this year, the people said, asking not to be identified.
Maoyan Weying, whose backers include Shenzhen-listed film producer Beijing Enlight Media Co., was formed through the merger of two rival ticketing platforms. Its other investors include Tencent Holdings Ltd., the biggest Chinese internet company, as well as Meituan Dianping, the country’s largest group-buying and restaurant reviews service.
China’s box-office receipts rose to $8 billion in 2017, making it the world’s second largest movie market after the US. Almost 80 percent of movie tickets in the country are sold through mobile apps, and Maoyan Weying is the largest ticketing provider.

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