×
You will be redirected back to your article in seconds

Maoyan Shares Make Tepid Trading Start After IPO

Shares in Maoyan, the Chinese online ticketing platform, slipped 1% on their debut on the Hong Kong Stock Exchange. At Monday’s early closing, the stock was trading at HK$14.64.

The company had priced its new issue shares at HK$14.8 apiece, as confirmed in regulatory documents filed last week. That was at the bottom end of the price range the company had previously indicated. The listing price gave Maoyan a value below the $2.2 billion figure used during an earlier private funding round.

Early market trading drove that valuation still lower. At HK$14.64 per share, the company has a market capitalization of $2.12 billion (HK$16.6 billion).

The IPO offer was “moderately oversubscribed,” the company revealed. The offer attracted bids for 2.32 times the volume of shares on offer, which meant that offering banks were not required to step in.

Nevertheless, the offer came with an immediate concentration warning, reflecting a high proportion of shares in a small number of hands. After the listing put shares into the hands of the public, the five largest shareholders will control 79% of Maoyan’s equity.

New money raised for the company by the share sale amounted to $235 million (HK$1.83 million). As previously indicated, 30% will go to further integration with other platforms, 30% towards research and development, and a further 30% for acquisitions. The remaining 10% will swell the working capital pool.

The shares were traded for only half a day, before the Hong Kong bourse took a three-and-a-half-day break for the Chinese New Year holidays.

More Biz

  • Motown Seeks to Block 'O-Town' Trademark

    Motown Seeks to Block 'O-Town' Trademark

    UPDATED: The boy band O-Town briefly rose to fame in 2000, with a star turn on MTV’s reality series “Making the Band.” But the reformed group has just one obstacle to its efforts to trademark its name: Motown Recordings. The label’s parent company, Universal Music Group, is trying to block the band from registering “O-Town” [...]

  • Alyssa Milano

    Alyssa Milano Settles $10 Million Suit With Former Accountant

    Actress Alyssa Milano has settled a legal battle with her former accountant as the case was on the verge of going to trial. Milano and her husband, agent David Bugliari, filed suit in 2017, alleging that accountant Kenneth Hellie had forged her signature on checks, failed to pay overdue bills and taxes and allowed costs [...]

  • J Balvin ‘Amicably’ Parts Ways With

    J Balvin ‘Amicably’ Parts Ways With Longtime Manager Rebeca Leon

    J Balvin and his longtime manager Rebeca León have “amicably” parted ways, reps for the singer and León confirmed to Variety. The news was first reported by Billboard. León — who also oversees the careers of fast-rising Spanish singer Rosalia as well as Colombian superstar Juanes, with whom she founded Lionfish Entertainment — began managing Balvin early in his career [...]

  • Ann Sarnoff Headshot

    Warner Bros. Taps BBC Studios Americas Chief Ann Sarnoff as CEO (EXCLUSIVE)

    Warner Bros. has tapped BBC Studios Americas president Ann Sarnoff as its new CEO, a surprise pick that is sure to shake up the venerable studio. Sarnoff becomes the first woman to head Warner Bros. in its nearly 100-year history. She was under the radar during WarnerMedia’s search for a successor to lead the studio [...]

  • The Peanut Butter Falcon

    'The Peanut Butter Falcon,' 'For Sama' Win Top Awards at Nantucket Film Festival

    NANTUCKET, Mass. — Adventure drama “The Peanut Butter Falcon” and Syria documentary “For Sama” emerged as the top winners at the 24th annual Nantucket Film Festival. The festival, which concludes today, as ever put the emphasis on screenwriters and emerging talents. Director Paul Downs Colaizzo’s Sundance hit “Brittany Runs a Marathon” had a number of [...]

  • Donald Trump Ari Emanuel

    Ari Emanuel Was Vetted for Trump Administration Role

    Endeavor CEO Ari Emanuel was vetted for an unidentified role in the Trump Administration in November 2016, Axios reported on Sunday. Axios received a leak of nearly 100 internal vetting documents from the Trump transition, including reports on Rex Tillerson, Betsy DeVos, Gary Cohn and James Mattis. The researchers scrubbed news clippings, LinkedIn pages, and [...]

More From Our Brands

Access exclusive content