Photo: IC Photo
Analysts lowered their share price target for Maoyan Entertainment, China’s biggest online movie ticketing platform, after the domestic film market downturn in the first half of this year.
China International Capital Corp (CICC) reduced its share price forecast for Maoyan by 26.6% to HK$19.3 ($2.47), analysts wrote in a research report on Tuesday.
The Chinese mainland raked in 31 billion yuan ($4.5 billion) in the first half this year, down 2.7% year-on-year. The market slowdown, which is partly blamed for fewer films being produced and tightened tax supervision, dragged down Maoyan’s ticket sales, according to the report.
China kicked off a campaign to regulate tax payments in the film and TV industry last year after punishing the country’s highest-paid actress for tax evasion.
Shares of Maoyan Entertainment slid to HK$13.60 by close of trade on Wednesday, down over 1.3%.