Rumors began swirling last month that Meituan, the leading group-buying service in China, had raised US$700 million in new funding. Wang Xing, Meituan founder and CEO, confirmed this yesterday, saying that the round, led by Sequoia Capital China, valued the company at US$7 billion.

It has also been reported that both Meituan and Dianping were planning on US IPO. Another Chinese group-buying site Wowo recently filed for US IPO. Wang hinted yesterday that his company wouldn’t go public in the next few years.

Before this round, Meituan had raised three rounds of funding: US$12 million from Sequoia Capital China in 2010, US$50 million led by Alibaba Group in 2011, and US$300 million in 2014, according to the company and media reports.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com