China-based ticketing app operator Maoyan has raised RMB1bn ($150m) from internet group Tencent at a $3bn valuation, Reuters reported on Wednesday.
Maoyan operates an online movie ticketing platform it claims has a 65% share of the Chinese market. It was founded in 2012 by group buying service Meituan, ahead of the latter’s merger with local services platform Dianping.
Meituan-Dianping spun Maoyan out in April 2016, before TV and film producer Enlight Media paid $384m for a 57.4% stake in the business the following month, according to China Film Insider.
Maoyan signed a merger deal with its local peer Weiying Technology, which was co-founded and backed by Tencent, two months ago, through which Weiying agreed to transfer assets valued at $1.06bn to Maoyan in two to three tranches.
Weiying retained its property derivatives products, intellectual equity investments and content creation, film distribution and sports event ticketing assets as part of the agreement. Tencent was reported at the time to be considering a RMB900m investment in the merged company.
Following the merger, Enlight Media and its parent group Enlight Holdings retained a combined 50.8% of the merged entity, while Weiying took a 27.6% stake, Meituan Dianping approximately 8.5% and Tencent 5.6%.
Weying was co-founded by Tencent, growth equity firm Bison Capital and the state-backed China Culture Industry Investment Fund in 2014.
The company raised $693m in a series C+ round in April 2016 that included Tencent, which had also contributed to its $105m series B round in April 2015 and a $235m series C in November the same year.
Other Weiying shareholders include game developer Dalian Zeus Entertainment, mobile game publisher iDreamSky, conglomerate Dalian Wanda, trading group Shanghai Gangtai, GGV Capital, Beijing Cultural Assets Fund, CMC Holdings, Ocean Capital Group, China Everbright, Wenzi Huasha, Shandong Luxin Investment Holdings and eCapital.