Chinese movie-ticket booking app Maoyan Weiying has filed for an IPO in Hong Kong, Caixin reports, as the platform looks to fend off growing competition in the huge domestic entertainment market.
The filing, made under the new company name Entertainment Plus, did not offer details of the listing date or fundraising goals.
The Tencent-backed company was formed as a spinoff from popular online services provider Meituan-Dianping, followed by a merger with ticketing company Weiying last year.
The company is yet to make a profit, but currently accounts for around 60% of China’s movie ticket-booking market, the next largest being Alibaba-owned Tao Piao Piao. The company claims to have 133.5 million active monthly users.
China’s fast-growing entertainment market is now the world’s second largest behind the US. By 2022, the market is forecast to be worth Rmb 194.5 billion ($28.48 billion), from Rmb 76.1 billion last year, according to consultancy iResearch.