Tencent-backed Chinese movie ticketing app Maoyan drops by 1.4 per cent on Hong Kong trading debut
- Beijing-based company raised US$232 million through IPO last month
- Focused on long-term value creation, says CEO
Maoyan Entertainment, China’s biggest movie ticketing app, dropped by just more than 1 per cent on its closely watched trading debut in Hong Kong on Monday.
In a shortened session ahead of Lunar New Year, Maoyan’s shares closed down by 1.4 per cent to HK$14.60. The stock had at one point been down by as much as 3 per cent. The company priced its shares at HK$14.80, the low end of its anticipated price range, and the listing was moderately oversubscribed, Maoyan said on Friday.
Ticketing app Maoyan delays Hong Kong IPO, names Xiaomi as investor
Maoyan raised HK$1.82 billion (US$232 million) through the initial public offering, and it plans to use the proceeds for enhancing its existing offering, research and development and investment and acquisitions.
“We are a company that focuses on long-term value creation. We're not worried about short-term market fluctuations,” Peter Zheng Zhihao, the Maoyan chief executive, said on Monday. “The most important thing is to create value for the industry and for our partners.”
Maoyan, which counts Chinese internet giant Tencent Holdings as its second-largest shareholder, is the latest Chinese technology unicorn to list in Hong Kong, following an uneven performance by mainland Chinese IPOs last year.
Smartphone maker Xiaomi Corporation and online food delivery giant Meituan Dianping are trading below their IPO prices since debuting last year.
Maoyan was founded in 2012 and spun off from Meituan Dianping four years later. The Beijing-based company briefly delayed its offering in January on the same day it announced additional cornerstone investors. The company had initially planned to debut on January 31. Beijing Enlight Media is its largest shareholder, owning about 48.8 per cent ahead of the offering, according to a prospectus released in September.