Hong Kong (CNN Business)China’s biggest online movie-ticketing platform flopped in its stock market debut in Hong Kong, becoming the latest disappointing tech listing in the city.
Shares in Maoyan Entertainment, which is backed by Chinese internet giant Tencent (TCEHY), fell as much as 5.4% in early trading Monday. The stock closed down 1%.
Maoyan had already priced its shares at the bottom of its targeted range for the IPO, raising about $250 million. That’s far short of the $1 billion it had reportedly been seeking to raise.
