China-based online ticketing platforms Weiying Technology and Gewara, the former backed by internet company Tencent and conglomerate Dalian Wanda, have agreed to merge, Forbes reported yesterday.
Weiying operates WePiao, a ticketing platform that serves 4,500 cinemas and around 1,200 exhibition centres, performance and sporting venues. It had a market share of about 8% in China’s ticketing sector as of the second quarter of this year.
The company had raised at least $340m since it was founded in 2014, securing $235m from Tencent, film fund Wenzi Huasha and GGV Capital at a $1.56bn valuation in April this year.
Wanda, Tencent, trading group Shanghai Gangtai, Shandong Luxin Investment Holdings Group and eCapital invested at series A stage.
Founded in 2008, Gewara has raised more than $52m from China Media Capital, CDH Investments and Shanda Capital, and held a 22% share of the market as of the second quarter.
The merged company will hold a position of the market second only to Maoyan, which is owned by Meituan, the group buying company in which Tencent is set to invest $1bn following its merger with local listings platform Dianping.