Sina Tech, 8/24/17
Beijing-based online movie ticket platform operator Weiying Times Technology and online and mobile movie ticket group buy service Maoyan Dianying are reportedly in the final stages of completing a merger, according to independent media outlet Yule Zibenlun.
Yule Zibenlun said that it received the information from a Weiying Times investor, and that the merger agreement will be based on Weiying Times' Series C+ funding round valuation of RMB 12 bln.
Of this amount, Weiying Times' ticket sales business will reportedly be valued at RMB 7 bln, and will be merged with Maoyan Dianying. Maoyan Dianying will commit to listing on a Hong Kong capital market by the end of 2018. The remaining components of Weiying Times, including its film, performance, and sports event businesses, will be valued at RMB 5 bln, and will continue to be managed by Lin Ning, CEO of Weiying Times.
Yule Zibenlun also said that a traffic-sharing contract between Weiying Times' ticket booking platform Yupiao and Tencent's (0700.HK) WeChat mobile messaging app has now expired, and that because Tencent is asking a relatively high price for renewing the agreement, it is unclear whether the contract will be renewed to continue linking the platforms in the future.
A representative for Weiying Times, however, said that that there are no problems with the traffic arrangements with Tencent, and also did not comment on the merger. Two senior executives and public relations officials at Maoyan Dianying and a representative at Beijing-based Enlight Media (300251.SZ), a major shareholder of Maoyan Dianying, also declined to comment on the matter.
Editor's Note: For more information on this topic, please see "Rumor: Weiying Times to Cut Workforce Following Merger Agreement with Rival," MD 8/18/17 issue.