BEIJING, Sept. 25, 2017 /PRNewswire/ -- Meituan, China's largest service-focused e-commerce platform, announced that one of its key investments Tianjin Maoyan Culture Media Co. ("Maoyan"), China's leading online movie ticketing platform, and Weying Technology ("Weying") have agreed on a strategic cooperation to form a new company "Maoyan Weying." The combined company is well positioned to become an impactful internet and entertainment platform in China. Meituan, Tencent, Enlight Media and Weying will continue to hold the majority stake of the combined company.
Incubated and supported by Meituan, Maoyan has become the number one online movie ticketing platform in China and a rising service provider in China's film industry by expanding into cinema marketing, film distribution and promotion, and data analysis. One of the most important film distribution and promotion companies in China, Maoyan successfully promoted Asian blockbusters such as Mr. Donkey, Some Like It Hot, Line Walker, Big Fish / Begonia, and Your Name. It has also developed a strong business in music, concerts and other show ticketing services.
Meituan is committed to promoting an "Eat Better, Live Better" lifestyle to people in China. Commenting on the cooperation, Mr. Xing Wang, CEO of Meituan, said "Meituan is pleased to have played a significant role in this strategic cooperation and looks forward to supporting the further development of the new combined company as an important shareholder. We are confident that the combination of Meituan's mega services platform, WeChat, and Maoyan Weying will provide better experiences to customers on our platforms and facilitate advancement in China's online entertainment industry."
Martin Lau, President of Tencent, stated "The new company created from the transaction will not only strengthen the 'Internet+Movie' integrative platform but also build up a complete chain involving many entertainment-related areas including movies and shows, providing all around support for the entire film stream from production companies to cinemas. In addition to supporting the new company through platforms like WeChat and QQ, Tencent will also partner with Maoyan Weying in many areas such as film, live shows, video, and technology, greatly strengthening our ability to better serve the needs of customers in entertainment and further enhancing user experience."
This new industry achievement also marks a new step in the strengthening partnership between Meituan and Tencent, a major initial shareholder of Weying Technology and long-term partner of Meituan.
According to the strategic cooperation agreement, the combined company will consolidate the two companies' businesses with Maoyan as a foundation. Maoyan will enter all of its businesses into the combined company, including its movie and show ticketing services, film investment and promotion, and other industry services. Weying's movie ticketing business, show business and other related assets will also go into the combined company.
Changtian Wang, founder and CEO of Enlight Media, will serve as Chairman of the combined company. Ning Lin, CEO of Weying, will serve as the Vice Chairman. Zhihao Zheng, CEO of Maoyan, will serve as CEO.
Meituan is China's largest service-focused e-commerce platform, connecting more than 260 million young annual active buying consumers with more than three million annual active local merchants across the whole China, from tier one cities to minority counties, processing 20 million orders on a single day.
Under its "Eat Better, Live Better" mission, the Company offers a one-stop daily life services platform aiming to improve overall way of life for consumers through its dominant leadership in more than 200 service and product categories. Meituan leverages its platform strategy to drive constant product upgrades through technology innovation and empowering local businesses by boosting industry efficiency through digital, internet and mobile solutions.
Meituan is the industry leader across its four major business groups: In-Store Dining, the largest and most comprehensive online dining platform in China; Lifestyle / Entertainment (previously "In-Store Others"), the online market leader across multiple verticals, including weddings, beauty, mom / kids, KTV, renovation, and other leisure and entertainment services; On-Demand Delivery, the world's largest and most efficient delivery platform; and Travel / Leisure, with offerings covering accommodation, domestic travel, outbound travel, and transportation.