In this briefing:
- Maoyan Entertainment (猫眼娱乐) IPO: Turning Profitable, Thoughts on Valuation
- Pinduoduo (拼多多) Lock-Up Expiry – A Bug with Overhang
1. Maoyan Entertainment (猫眼娱乐) IPO: Turning Profitable, Thoughts on Valuation
Maoyan Entertainment (formerly Entertainment Plus) launched its institutional book building last Friday. We covered the company’s background, industry backdrop, financials, shareholders and the regulatory overhang in our previous two notes.
In this note, we will look at the recent development of the company, based on the data from the prospectus and our channel checks. We will also discuss the valuation of the company.
Our Previous Insight on Maoyan Entertainment:
- Entertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader that Runs Out of Steam (Part 1)
- Entertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn’t That Bad (Part 2)
2. Pinduoduo (拼多多) Lock-Up Expiry – A Bug with Overhang
Just as Pinduoduo (PDD US) lock-up expiry date (22nd January) is approaching, there was news of a massive bug that could result in an RMB20bn loss for PDD. According to the company’s official Weibo account, the bug has already been rectified and a police report has been filed.
In this insight, we will analyze the potential impact of the bug and the number of shares that could potentially be sold upon lock-up expiry.
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