What happened: Chinese online ticketing company Maoyan confirmed listing in Hong Kong, but has yet to disclose details about its upcoming IPO. Previous reporting from Bloomberg suggested that Maoyan could raise about $1 billion in the IPO.
Why it’s important: Maoyan is currently the largest movie ticketing platform by box office receipt in China, the world’s second-largest movie market. As of first half of 2018, the platform has amassed over 130 million monthly active users, holding over 60% market share. Last November, Maoyan raised RMB 1 billion from Tencent in a funding round that valued the company at RMB 20 billion. Other backers include Shenzhen-listed film producer Beijing Enlight Media as well as China’s largest food delivery and restaurant reviews service Meituan Dianping. Maoyan is among a slew of Chinese tech companies seeking to list in Hong Kong.