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Movie ticketer Maoyan flops in IPO as market shuns China tech

Tencent-backed startup fails to reach fundraising goal of $1bn

Maoyan Weying is the biggest movie ticketing app in China.   © Reuters

HONG KONG -- Maoyan Entertainment, the operator of China's largest online platform for movie tickets, raised about $250 million in its stock debut in Hong Kong on Monday, just a fraction of the hoped-for sum, as investors here grow more skeptical of Chinese tech startups.

Maoyan opened the session slightly above its offer price of 14.80 Hong Kong dollars at HK$14.82. But it ultimately ended down at HK$14.64.

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