Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion
China’s leading e-commerce platform for services Meituan-Dianping has filed for IPO in Hong Kong, expecting to raise a few billion in capital with a target market value of around $60 billion.
” Meituan-Dianping Files for IPO in Hong Kong with Target Market Value Around $60 Billion “
Meituan-Dianping was formed in 2015 through the merger of Meituan.com and Dianping.com, founded in 2003 and 2010 respectively. Meituan was founded by Wang Xing in 2010, and is the co-founder, CEO and Chairman of the board of Meituan-Dianpin.
Wang Xing’s share in Meituan-Dianping (through Crown Holdings (9.7705%) and Shared Patience (1.66%) represents more than 11.43% of the company, giving him a share value of $6.85 billion at $60 billion market value. Dianping founder Mu Rongjun has a 2.51% total direct and indirect interests with share value of $1.5 billion through direct ownership in Share Vision (0.14%) and Charmway Enterprises (2.36%), a trust for family and himself. Other major investors include China’s technology giant Tencent, more than 19.3% interests via Tencent Huai River Investment (12.44%) Tencent Mobility Limited 6.86%) and Sequoia Capital (4.06%).
Meituan-Dianping is China’s leading e-commerce platform for services, providing services including movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods. In 2017, the platform generated over 5.8 billion transactions, totaling $54.63 billion (CNY 357 billion) in gross transaction volume, 310 million transacting users and 4.4 million active merchants in over 2,800 cities and counties across China. In 2017, it reported $5.19 billion (CNY 33.9 billion) revenue. In April 2018, its subsidiary Tollan Holdings acquired Mobile for $2.7 billion.
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