Meituan Dianping seeks more than US$4 billion in Hong Kong IPO

Meituan Dianping, a Chinese food delivery and life-services platform, has filed for an initial public offering (IPO) in Hong Kong.

The filing, in which the company is reported to be seeking an unconfirmed figure of more than US$4 billion, is jointly sponsored by three Wall Street banks, including Goldman Sachs, Morgan Stanley, and Bank of America Merrill Lynch.

Meituan Dianping, backed by local tech giant Tencent, faces direct competition with Alibaba Group’s subsidiary food delivery and in-store services, as well as travel portal Ctrip.

According to Chinese IT news service Technode, the IPO filing comes just two months after Meituan Dianping’s acquisition of bike-sharing firm Mobike for $2.7 billion.

The company reported more than 5.8 billion transactions on its platform in 2017, totalling RMB357 billion in gross transaction volume.

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