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Meituan-Dianping CEO denies $3 billion fundraising rumor

04/17/2018| 9:28:49 AM|

Meituan-Dianping was reported to be in talks to raise $3 billion to pave the way for a potential initial public offering (IPO) in Hong Kong this year, only to be denied by its CEO.

Two sources close to the matter told Caixin that China’s largest on-demand service provider is mulling a new round of fundraising, with one saying the USD 3 billion injection could further push up its valuation to USD 40 billion.

The move comes as Meituan-Dianping is aggressively shoring up its core food delivery business and expanding its nascent ride-hailing service, an area that the company will need huge funding to support, the second source said.

Responding to media queries, Meituan CEO Mr. Xing Wang denied that the company has plans to start a new round of fundraising and declined to comment on its IPO timeframe.

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TAGS: Meituan | funding | IPO
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