Chinese movie ticketing firm Maoyan continues to press on with its plan for an Initial Public Offering (IPO) in Hong Kong.

The company, which is backed by Beijing Enlight Media and Tencent Holdings, was formed in September 2017 through the merger of rival ticketing platforms Maoyan and Beijing Weiying Technology. It filed for the initial public offering in September last year.

The firm is reportedly looking to raise around $300m of new capital.

Under the name Entertainment Plus, Maoyan published an updated version of its prospectus on Thursday following the acceptance of its application by local stock market regulators.

The new draft does not specify the timetable or the number of shares to be issued. Local financial media reports have indicated that the share sale is considerably smaller than the $500m-to-$1bn scale indicated in September.

Around 80 per cent of all China’s movie tickets are sold through mobile apps, with Maoyan Weying taking the crown as the largest ticketing provider with a 60.9 per cent market share in the first half of 2018, according to the firm’s IPO prospectus.

Last year, China’s box office revenue jumped more than 15 per cent to 52bn yuan ($8bn/€6.6bn/£6bn), making it the second largest cinema market after the US.

Image: Assianir