Movie Ticket Booking Platform Weiying Times Wins RMB 3 Bln Series C+
Beijing Business Today, 4/27/16
Beijing-based online movie ticket booking platform operator Weiying Times Technology recently announced completion of RMB 3 bln Series C+ funding led by Dalian-based mobile game developer Zeus Entertainment (002354.SZ). Other organizations that participated in the funding include Tencent (0700.HK), CMC Holdings, Ledou Games, Everbright Financial Holding Asset Management, and Sino-Ocean Capital. Weiying Times previously completed RMB 4.5 bln Series C funding and is valued at approximately USD 2 bln.
Zeus Entertainment invested RMB 400 mln through its Zeus Zhonghui Investment Centre fund for a 3.43% stake in Weiying Times.
Tencent invested RMB 336 mln as part of the Series C+ round. Lin Haifeng, Tencent's investment management partner, said that Tencent plans to expand its cooperation with Weiying Times in the theater and sports domains, and that Tencent's mobile payment service QQ Wallet will offer more product-level support for shows and competitions.
Weiying Times was established nearly two years ago and currently operates major ticketing services platforms WePiao and Gewara.com. Its platforms are connected to more than 5,000 movie theaters in more than 500 Chinese cities and are used by over 90% of Chinese moviegoers. It also provides ticketing services for more than 1,200 performance venues, sports arenas and exhibition halls and has peak daily ticket volume reaching 3.5 mln tickets.
Editor's Note: For more information on this topic, please see "Movie Ticket Booking Platform Weiying Times Wins RMB 1.5 Bln Series C," MD 11/17/15 issue.
Keywords: Everbright Financial Sino-Ocean Capital VC M&A valuation Lin Haifeng Internet funding Tencent Series C 0700.HK Ledou Games 002354.SZ Zeus Entertainment Weiying Times CMC Holdings online ticketing