In brief: Movie-ticketing app backed by China’s Tencent makes lukewarm HK trade debut

Tencent-backed Maoyan Entertainment, China’s biggest movie-ticketing platform by sales, fell 2.7 percent in its Hong Kong stock debut on Monday – the latest in a string of weak starts among Chinese tech firms listing in the financial hub. Maoyan Entertainment opened near-flat at US$1.89, barely 1 percent higher than the initial public offering price, which was already at the bottom end of an indicative range. They then fell as low as US$1.78 – a warning sign for other Chinese tech companies that may be eyeing IPOs.

Source: Reuters