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Losses Reach $20 Million at China’s Maoyan

Reporting its first financial data since a February IPO in Hong Kong, mainland Chinese movie ticketing firm Maoyan saw its revenue grow by 47% to $560 million (RMB3.76 billion) in 2018.

Net losses for the year grew from $11.3 million (RMB76 million) to $20 million (RMB134 million). Though the company also chose to present what it called “adjusted profits” adding back share-based compensation and the declining valuation of some assets. These showed a positive result, of $13.3 million (RMB89 million).

The figures are also a curiosity in that they all relate to the 2018 calendar year, which was a period completed before Maoyan’s share flotation. (The late-January prospectus used data for the nine months to end of September.) The report, however, serves to provide an update on its duel with Alibaba’s Taopiaopiao and on efforts to diversify into other sectors.

Maoyan claims to be the largest online movie ticketing service platform in China in 2018, with more than 60% market share by gross merchandise value of movie tickets sold in 2018, and says that it has reduced the subsidies it offers it users of its platform. “We became the leading live event ticketing player in China with a very fast growing pace,” it also claimed. Boosted by the acquisition of Weying, revenue at the online entertainment ticketing business increased by 53% to $343 million (RMB2.3 billion) in 2018, representing 61% of group sales.

Its online content operations — production, distribution, and promotion of movies – grew by 25% to $159 million (RMB1.07 billion). It was a lead distributor of the films “Monster Hunt 2,” “Us and Them,” “Hidden Man,” “Hello, Mrs. Money,” and “Kill Mobile.” E-commerce and advertising services accounted for 11% of revenue, in 2018, up from 8% in 2017.

In line with promises made at the time of the IPO, Maoyan has announced plans to buy $50 million (HK$390 million) of shares in producer and online group Huanxi Media. The deal is expected to close shortly.

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