Chinese movie ticketing firm Maoyan has updated the terms of its share offer in order to keep its Initial Public Offering (IPO) in Hong Kong on course.
The firm is reportedly looking to raise around $350m (£268m/€308m) of new capital.
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.
In a new draft prospectus published yesterday (Tuesday), the company said it had brought Imax China and Chinese mobile phone giant Xiaomi on board, among five additional investors.
The value of the new investments is expected to be around $30m, according to local financial media sources – and remain redacted in the latest draft.
According to a term sheet seen by financial media, Maoyan has also extended by a few days the period it needs to sell the shares to investors, as well as delaying the planned start of trading from January 31 to February 4.
Image: Mermyhh
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