meituan dianping ipo prospectus

Electric-car company Nio (NIO), which went public in New York last week, yo-yoed on its first day of trading and then soared 76% the next. News aggregator Qutoutiao's (QTT) share price more than doubled on its Nasdaq debut on Friday, but then plunged 35% on the second day. See here for a complete list of exchanges and delays. Disclaimer. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. © 2020 Cable News Network. Our Standards: The Thomson Reuters Trust Principles.

Meituan has some big-name investors, including Google (GOOG) and Tencent (TCEHY). Meituan’s IPO comes amid a packed Hong Kong listing calendar, including an expected float of at least $3 billion from bitcoin mining equipment maker Bitmain and an IPO worth up to $1 billion from Chinese movie ticketing platform Maoyan Weying. The IPO received strong support from institutional investors despite a weak overall Hong Kong stock market. All rights reserved. Disclaimer.

All times are ET. Reporting by Fiona Lau of IFR, and Julie Zhu; Additional reporting by Donny Kwok; Editing by Edwina Gibbs and Muralikumar Anantharaman. Shares in Meituan, whose app is used by more than 300 million people, jumped as much as 7% in morning trading in Hong Kong. Meituan had lined up $1.5 billion from five cornerstone investors for the IPO.

“Though it priced the stock at the upper end of the range, we see it as an one-off event and it won’t be able to cheer up the local IPO market,” said Linus Yip, chief strategist at First Shanghai Securities. Beijing-based Meituan declined to comment on the pricing. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley are joint sponsors of Meituan’s IPO. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. © 2020 Cable News Network. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Most stock quote data provided by BATS. Most stock quote data provided by BATS. CNN Sans™ & © 2016 Cable News Network.

Meituan's success suggests there's still healthy interest in buying into China's fast-developing internet economy. Alibaba said last month it formed a holding company for Ele.me and food and lifestyle services firm Koubei, for which it had received over $3 billion in new investment commitments, including from Japan’s SoftBank Group.

It could raise as much as $4.85 billion in total if a 15 percent “greenshoe”, or over-allotment option, is fully exercised after the shares begin trading. HONG KONG (Reuters/IFR) - Chinese online food delivery-to-ticketing services firm Meituan Dianping raised $4.2 billion in the world’s biggest internet-focused IPO in four years as it priced the float near the top end of a marketed range, people close to the deal said. Meituan likes to call itself the "Amazon of services." The company raised $4.2 billion from its IPO, pricing its shares near the top of its target range. Tencent committed $400 million; global asset manager Oppenheimer $500 million; UK-based hedge fund Lansdowne Partners $300 million; U.S. fund Darsana $200 million and state-backed China Structural Reform Fund $100 million. The company plans to use the cash from the IPO to upgrade its technology, develop new products and services, and make acquisitions and investments. Meituan Dianping raised $4.2 billion from investors after pricing the newly issued shares near the top of its target range, a person familiar with the IPO told CNN on Thursday. The float comes as Alibaba is beefing up Ele.me’s war chest at a time when the cost of expanding in China’s food delivery market is rising sharply. A company logo of China's Meituan Dianping, an online food delivery-to-ticketing services platform, is displayed at a news conference on its IPO in Hong Kong, China September 6, 2018.

Meituan made headlines earlier this year by buying Chinese bike-sharing company Mobike in a deal reportedly worth around $3 billion.

Its strong start contrasts with the weak debut by the previous big Chinese tech IPO in the city. In July, smartphone maker Xiaomi's shares fell on their first day and are trading below their IPO price more than two months later.

The people declined to be identified as details of the pricing have not been published yet. Online shopping platform Pinduoduo (PDD) has also had a series of double-digit gains and losses since it listed in July.

The IPO price of 69 Hong Kong dollars ($8.79) per share values Meituan at about $53 billion, which is lower than the $60 billion the company was reportedly seeking earlier this year.

Meituan plans to mainly use the proceeds raised from the IPO to upgrade its technology, develop new services and products, and pursue acquisitions or investments in assets complementary to its business, according to its prospectus.

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The company's app offers a one-stop shop for services where people can make lunch reservations, buy movie tickets, book vacations or hail car rides.

Why China and FAANG can still be attractive for investors, First published September 20, 2018: 12:17 AM ET, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. Its shares start trading on September 20 in Hong Kong, where the benchmark index sank into bear market territory this week, weighed down by concerns about China's economy and the trade war with the United States. A Warner Media Company. “Since the stock priced at the upper end of the range, it suggests institutions are holding a more positive view on the company and on this type of new economy IPOs,” said Steven Leung, sales director at brokerage UOB Kay Hian. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Meituan's app offers a one-stop shop for services where people can make lunch reservations, buy movie tickets, book vacations or hail car rides.

Meituan, which likes to call itself the "Amazon of services," is benefiting from Chinese consumers' enthusiasm for doing as much as possible through their phones.

Meituan-Dianping, China’s largest on-demand services platform, updated its filed prospectus ahead of its 20th September HK initial public offering (IPO) debut, revealing huge losses in Mobike the bike …

China's app for everything Meituan Dianping jumps in IPO by Sherisse Pham @Sherisse September 20, 2018: 4:39 AM ET Why China and FAANG can still be attractive for investors

A Warner Media Company.

The Beijing startup was formed in 2015 by the merger of two smaller companies — Meituan and Dianping — that were viewed as China's equivalents of Groupon (GRPN) and Yelp (YELP). It's now trading 35% above its IPO price. The HK$69 IPO price represents a multiple of 27 times its 2020 profit forecast by its underwriting syndicate, according to sources. Its shares plunged 15% during morning trading before recovering to close up more than 5%. The proceeds will help Meituan fortify itself against stiff competition from its main competitor, food-delivery platform Ele.me which is backed by China’s biggest e-commerce company Alibaba Group Holding.

But the deal comes at a time when Hong Kong’s stock market has entered bear territory, falling 20 percent from its January peak amid Sino-U.S. trade tensions. The company plans to use the cash from the IPO to upgrade its technology, develop new products and services, and make acquisitions and investments. All times are ET. The IPO size represents 8 percent of its enlarged share capital and the $53 billion valuation takes into account shares to be issued under a pre-IPO employee stock ownership plan, the people said.

Several recent listings, including Xiaomi’s, have dropped below their IPO prices. Meituan has some big-name investors, including Google (GOOGL) and Tencent (TCEHY).

Loss-making Meituan last month set a price range of HK$60 to HK$72 per share for the IPO.

It offers a broad range of services including movie ticketing, food delivery, hotel and travel booking as well as ride-hailing. Meituan made headlines earlier this year by buying Chinese bike-sharing company Mobike in a deal reportedly worth around $3 billion.

The company did not respond to a request for comment. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Nio, which went public in New York on Wednesday, had a roller-coaster debut. Both parties, in a bruising battle for market share, are offering heavy discounts to attract new customers. Meituan, backed by Chinese social media and gaming firm Tencent Holdings, sold about 480 million primary shares at HK$69 ($8.79) each in the Hong Kong IPO, valuing the company at around $52.8 billion, the sources said on Thursday. Several recent Chinese tech listings in the United States have made volatile starts.

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