Investing.com - Beijing-based movie ticketing app Maoyan Entertainment traded lower in its Hong Kong debut stock on Monday.
Shares in Maoyan fell as much as 3% earlier in the day, after opening near flat at HK$14.82. Chinese internet giant Tencent Holdings Ltd (HK:0700) is Maoyan’s second-largest shareholder, owning about 16.3% of the company ahead of its initial public offering.
The Tencent-backed company is China’s biggest movie-ticketing platform by sales. It raised $250 million in a smaller-than-expected IPO, and could raise up to $287 million if a greenshoe, or over-allotment option, is exercised within the first month of trade.
Maoyan had initially been looking to raise $500 million to $1 billion in its IPO, Bloomberg reported back in September. Bank of America Merrill Lynch (NYSE:BAC) and Morgan Stanley (NYSE:MS) were joint sponsors for the Maoyan listing.
“We are a company that focuses on long-term value creation. We're not worried about short-term market fluctuations,” Peter Zheng Zhihao, the Maoyan chief executive, said on Monday. “The most important thing is to create value for the industry and for our partners.”