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Maoyan Weying could book a 2018 IPO: report
Posted on Friday, 12 January 2018 14:46
Maoyan Weying is entertaining the notion of raising USD 1.00 billion in a Hong Kong listing, Bloomberg reported, just months after a funding round with a CNY 20.00 billion (USD 3.07 billion) valuation.
Sources close to the situation told the news provider the Chinese online movie ticketing giant, formed last year through the merger of two rivals, is lining up an initial public offering (IPO) for later this year.
These people, who asked not to be named as the matter is still private, added the company has already started talking with possible advisors, though a spokesman for the business declined to comment.
However, when contacted by Bloomberg, a spokeswoman for shareholder Meituan Dianping, a Tencent-backed group-buying website, confirmed the IPO plans but did not elaborate further.
The process to establish Maoyan Weying started in September 2017 when Tianjin Maoyan Culture Media and Tencent-backed Weying Technology agreed on a strategic cooperation to pool resources to create a new company.
Meituan-Dianping, Tencent and Enlight Media all continued to hold a majority stake of the combined entity formed to take on the market third-placed rival, Alibaba's Taopiaopiao ticketing platform.
It raised CNY 1.00 billion in funding from the internet giant at the end of 2017 in a round that valued the online ticketing platform at CNY 20.00 million.
Benson Wong, a partner at PricewaterhouseCoopers, told Bloomberg TV in an interview at the beginning of January that the Hong Kong bourse is expected to headline 150 IPOs this calendar year.
Maoyan Weying could use money raised from a listing to expand operations to gain more market share from Alibaba’s rival platform.
According to Zephyr, the M&A database published by Bureau van Dijk, IPOs in Hong Kong reached a five-year-low in 2017.
© Zephus Ltd