Maoyan Weying, China’s top movie ticketing platform, has filed for a Hong Kong initial public offering as it seeks to expand its product offerings and tap into potential acquisition opportunities.
The firm aims to raise between US$500 million and US$1 billion in the IPO, Reuters reports, citing people familiar with the matter.
Maoyan Weying filed its prospectus on Monday under the name of Entertainment Plus.
The company had been valued at 20 billion yuan (US$2.9 billion) in November last year when it raised 1 billion yuan from Chinese internet giant Tencent, mainland media reported at the time.
Maoyan Weying offers ticketing services through its Maoyan and Gewara apps in China, which is the world’s second-largest movie market after the United States.
The company claims to have 60.9 percent share of the online movie ticketing market in the country.
The firm also distributes Chinese-made films and sometimes assists in marketing foreign films in China, such as the 2017 romantic drama “The Shape of Water”, which won four Oscars.
Maoyan Weying’s revenue doubled to 1.9 billion yuan in the first half of 2018, from 931.3 million yuan in the same period last year.
But loss widened to 231.2 million yuan during the period, from 117.6 million yuan in the first six months a year earlier, the report said, citing information contained in the draft prospectus.
Maoyan Weying plans to use the IPO proceeds to fund acquisitions, investments, research and development and enrich its content offerings.
The company reported 133.5 million monthly active users for the first half of 2018.
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