Movie Ticketing Platform Makes Inauspicious Hong Kong Debut

China’s biggest movie ticketing platform operator made a tepid debut in Hong Kong on Monday, closing down more than 1%.

Shares of Maoyan Entertainment ended their first-day trading at HK$14.64 ($1.87), compared to the offer price of HK$14.80. The offer price had been set at the lower end of an indicative range of between HK$14.80 and HK$20.40.

Maoyan raised $250 million from its listing exercise last month, which counted smartphone-maker Xiaomi Corp. as an investor. Reuters reported the ticketing platform had sought as much as $1 billion from its IPO, but cut the target as weak stock markets worldwide and China’s economic slowdown weighed on once-buoyant private markets.