Meituan-Dianping, a Chinese on-demand services unicorn, is moving further along its IPO process with the Hong Kong Stock Exchange (HKEx), kicking off the Pre-deal investor education on August 27, with a global roadshow on September 3, bookbuilding (stock pricing) by September 13 and a public debut 7 days later, on September 20.
Its IPO is valued at between US$40 billion to 60 billion currently.
In the past 15 years, Meituan began as a Groupon-like app and has gradually moved towards offering other services like restaurant reviews, restaurant reservations, movie ticketing, food & beverage delivery, online travel services to even ride-hailing.
Today, Meituan has 310 million annual transacting users, and 4.4 million merchants onboard, across more than 2,800 Chinese cities and counties.
– Meituan-Dianping is heading for a September 20 HK IPO at a valuation of $40 to $60b.
– Underwriters include Goldman Sachs, Morgan Stanley, and Bank of America. China Renaissance will be the financial advisor for this IPO.
-The firm, engaging in competition with lots of local tech giants, needs public market capital to fund a uphill battle in areas like ride-hailing, food delivery and online travel
-The firm will have to grapple with investor fatigue in Hong Kong amid underperformance of by Chinese tech giants.
Editor: Shiwen Yap, Ben Jiang
Google Indonesia’s Henky Prihatna to join NorthstarGoogle Indonesia’s Henky Prihatna to join Northstar
JD.com allows users to tailor-make clothes, pushing the boundaries of mass customizationJD.com allows users to tailor-make clothes, pushing the boundaries of mass customization
Nio to lay off more than 1,000 employees by the end of SeptemberNio to lay off more than 1,000 employees by the end of September
Dream high: Can Vietnam realize its tech unicorn ambitions?Dream high: Can Vietnam realize its tech unicorn ambitions?
Nio and Didi may merge their autonomous driving businessesNio and Didi may merge their autonomous driving businesses