Aya Lin · · 1 min readIn 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
Editing by Eileen C. Ang
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