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China’s Maoyan Tweaks Terms of $350 Million IPO

Maoyan Entertainment, the Chinese ticketing giant, has updated the terms of its share offer in order to keep its IPO on course. It aims to raise up to $350 million of new cash by floating on the Hong Kong stock market.

In a new draft prospectus published Tuesday, the company revealed that it had brought Imax China and Chinese cellphone giant Xiaomi on board, among five additional cornerstone investors. Others are finance firms: Hylink Investment, Prestige of the Sun, and Welight Capital. Only Imax appeared in the previous draft published last Friday.

The value of the new investments is understood to be small – around $30 million, according to local financial media sources – and remain redacted in the latest draft. But they bolster what may be a tricky sales pitch.

According to a term sheet seen by financial media, Maoyan has also expanded by a few days the period it needs to sell the shares to investors. And it has delayed the planned start of trading from Jan. 31 to Feb. 4.

The South China Morning Post reported that “Maoyan plans to sell 132 million shares, raising up to HK$2.7 billion (US$350 million),” if the shares are sold at the top of the indicated price range. “The shares are being offered at an indicated range of HK$14.8 to HK$20.4 per share,” the newspaper said.

Maoyan has major backers that include Enlight Media, games and social media giant Tencent, and recently listed tech group Meituan Dianping. It claims more than 130 million monthly active users and a 60% share of the movie ticketing business in China, but has yet to turn a profit.

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