(Yicai Global) July 10 -- The share price of Maoyan Entertainment has risen after the major Chinese event ticketing platform announced that it has established an alliance with Tencent Holdings to expand Maoyan's services in the fields of content investment, distribution and marketing.
Maoyan's [HKG: 1896] stock price rose 6 percent to HKD13.3 (USD1.70) in the afternoon.
The platform will offer financial support for content creators, including those working with movies, live performances, music, and short videos, and provide them with data analysis and marketing tools to upgrade user experience, the Beijing-based firm said in a statement yesterday. The company will cooperate with Tencent Investment, Tencent Pictures, Tencent Music Entertainment, and Tencent Video.
The move may help Maoyan to secure a larger market share while standing up against Alibaba's Tao Piao Piao and Weiying Technology's Gewara. Maoyan's revenue increased by more than one-half to reach CNY2.3 billion (USD334 million) last year.
Maoyan is one of Tencent's core strategic partners, Zhan Weibiao, the managing director at Tencent Investment, said in the release. The Shenzhen-headquartered tech giant invested CNY1 billion (USD150 million) in the ticketing firm in 2017.
Editor: Emmi Laine