Maoyan, one of China's biggest online ticketing platforms, on Wednesday said it has secured 1 billion yuan ($150.82 million) in funding from Tencent Holdings, valuing the company at 20 billion yuan.
Maoyan and Tencent-backed Beijing Weiying Technology Co struck a merger deal in September to create a movie ticketing giant.
Tencent's additional investment in the newly created entity points to the heated competition with rival ticketing app Taopiaopiao, which is owned by Alibaba Group Holding.
Tencent's net profit was 18 billion yuan during the three months through September 30, up 67 percent year-on-year, according to the company's third-quarter financial report released on Wednesday.
