Split ticket

22 January 2019 By Robyn Mak Follow @mak_robyn

Maoyan may wind up going public below its latest $3 bln valuation. Slowing box office growth and cooling tech stocks are two problems. A bigger issue is that investors can already buy shares in backers Meituan and Tencent, whose all-in-one apps have a stronger lock on users.

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Maoyan Entertainment, which operates China's top movie-ticketing app, is raising up to $345 million in a Hong Kong initial public offering, Reuters reported on Jan. 18.

The company is selling about 132 million primary shares, representing 11.6 percent of its enlarged share capital, at a price range of HK$14.80 to HK$20.40 ($1.89 to $2.60) each, according to a term sheet seen by Reuters.

Maoyan, which counts gaming group Tencent and food-delivery service Meituan Dianping as shareholders, had been planning to raise up to $1 billion in September, Reuters reported at the time, citing unnamed people familiar with the deal.

The listing date also was delayed until Feb. 4, Refinitiv publication IFR reported on Jan. 21. An earlier term sheet indicated the company's shares would start trading on Jan. 31.

Bank of America Merrill Lynch and Morgan Stanley are joint sponsors for the listing.

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