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Chinese ticketing platform Maoyan Weiying files to go public in Hong Kong

Maoyan Weiying, a Beijing-based online movie ticketing platform, submitted its application for an initial public offering on the Hong Kong Stock Exchange.

The company submitted a prospectus under the name Entertainment Plus but did not disclose a timetable for the offering and its financial terms.

According to The Hollywood Reporter, Maoyan Weiying is aiming to raise up to US$1 billion.

The company said that the proceeds from the offering will be used to improve its services, expand user reach and engagement numbers, reinforce offline resources and for research and development.

Approximately 30% of the proceeds will be used to fund potential investments and acquisitions. A portion of the amount raised will also be used to meet working capital requirements and general corporate purposes, according to the prospectus.

The company said it is the largest online movie ticketing service in China, with a 60.9% market share and 133.5 million average monthly active users in the first half of 2018.

Maoyan Weiying was formed after a September 2017 merger between Chinese ticketing platforms maoyan.com and Beijing Weiying Technology Co. Ltd.

Merrill Lynch Far East Ltd. and Morgan Stanley Asia Ltd. are the joint sponsors, while China Renaissance Securities (Hong Kong) Ltd. is the sole financial adviser of the offering.