China’s top movie ticketing app Maoyan postpones Hong Kong IPO, names Xiaomi as cornerstone investor
- Maoyan names three new cornerstone investors, including Xiaomi
- Company tentatively expects trading in its shares to begin on February 4
Maoyan Entertainment, China’s largest movie ticketing app backed by Tencent and Meituan, has delayed its Hong Kong IPO and put off its listing date to February 4. It also named three new cornerstone investors, including a US$2.6 million investment by Xiaomi.
The Beijing-based company, with Tencent Holdings as its second-biggest shareholder, will put off the Hong Kong IPO period to between January 23 and January 28, according to a renewed term sheet obtained by the South China Morning Post. Previously, the retail sale was expected to hit the market between January 21 to January 24.
Meanwhile, it will extend its IPO book close date to “on or about January 25” from the original date of January 24, after which it will stop taking orders from international institutional investors. The book opened on Friday.
Maoyan tentatively expects the share to begin trading on February 4, versus its original plan to debut on the Hong Kong stock exchange on January 31.
The company has introduced three new cornerstone investors, which will bring the total to five, lining up a total of US$30 million, the document showed.
Xiaomi unit Green Better has agreed to buy US$2.6 million worth of shares. Hylink Investment, a subsidiary of Shanghai-listed Hylink Digital Solutions, has committed US$5 million. Prestige of the Sun will also invest around US$4.4 million.