Investing.com – Beijing-based movie ticketing app Maoyan Entertainment traded lower in its Hong Kong debut stock on Monday.
Shares in Maoyan fell as much as 3% earlier in the day, after opening near flat at HK$14.82. Chinese internet giant Tencent Holdings Ltd (HK:) is Maoyan’s second-largest shareholder, owning about 16.3% of the company ahead of its initial public offering.
The Tencent-backed company is China’s biggest movie-ticketing platform by sales. It raised $250 million in a smaller-than-expected IPO, and could raise up to $287 million if a greenshoe, or over-allotment option, is exercised within the first month of trade.
Maoyan had initially been looking to raise $500 million to $1 billion in its IPO, Bloomberg reported back in September. Bank of America Merrill Lynch (NYSE:) and Morgan Stanley (NYSE:) were joint sponsors for the Maoyan listing.
“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.”
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.