Meituan Dianping, the Chinese food reviews and delivery giant backed by Tencent, has begun discussions on a Hong Kong initial public offering as soon as this year, according to people familiar with the matter.
The company is weighing a valuation of at least USD 60 billion and is considering a listing in China as well if policy conditions allow, the people said, asking not to be named because the matter is private. Discussions however are at a preliminary stage and deal details could change, they added. Meituan declined to comment.
Meituan, the world’s fourth most valuable startup with a latest valuation of USD 30 billion, is emblematic of a generation of up-and-comers that have emerged to challenge the dominance of Tencent and Alibaba Group. It provides on-demand and local services akin to a mash-up of Groupon, Yelp and Deliveroo, and is moving into new areas such as ride-sharing and travel.
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