(Yicai Global) Sept. 4 -- Another internet company Tencent Group Holdings has invested in is now queuing for a listing on Hong Kong's exchange.
Tianjin Maoyan Weiying Media has confirmed its initial public offering on the Hong Kong bourse, and will soon issue its prospectus, Yicai Global learned from a source on Sept. 2.
Maoyan Weiying Media formed via the merger of Maoyan and Weiying Shidai last September, with Beijing Enlight Media, Tencent, and Meituan Dianping as its investors. Maoyan was an internal project Meituan Dianping originally incubated, which eventually developed into an online movie ticket-selling platform on a considerable scale.
Wang Xing, Meituan Dianping's chief executive, announced the company's decision to spin Maoyan off into an independently operated firm in April 2016 in internal emails.
Weiying Shidai was once the movie ticket service on Tencent's popular WeChat messaging and payment app, and was merely that even at the end of 2013. Weiying Shidai formally incorporated it five months later. Its shareholders now include Tencent, Wanda Group, China Media Capital and China Culture Industrial Investment Fund.
Maoyan and the online ticket business of Weiying Shidai announced their merger on Sept. 21 into the new entity Maoyan Weiying Media. The former injected all its businesses into this infant firm, including movie and performance tickets, industrial professional services, and film investment and publicity, while the latter amalgamated its movie ticket business, show services, and other relevant assets.
Maoyan Weiying Media scored CNY1 billion (USD146 million) from Tencent in November, and some market sources value the company at up to CNY20 billion.
Yicai Global has received no further details as to overall funding amounts.
Editor: Ben Armour