Tencent to buy $400 million worth of shares in Meituan IPO
08/29/2018|9:22:54 AM|GlobalTimes

Chinese food-delivery and online services provider Meituan Dianping has drawn Tencent Holding as cornerstone investor for its planned USD 4 billion IPO in Hong Kong, news website dealstreetasia.com said, citing sources close to the matter. 

Tencent already owns about one-fifth of Meituan, and the technology giant plans to buy about USD 400 million worth of shares in the planned IPO, the report said. 

The IPO comes amid Meituan's fierce competition with internet rivals, as the online platform has expanded its services from food ordering to ride-hailing and travel.

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