Meituan Dianping rumored to list in Hong Kong in September

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The latest rumor on China’s giant services platform Meituan Dianping is that it’s planning to list on the Hong Kong Stock Exchange on September 20.

A new report uncovering Meituan plans said that the company will seek a valuation between $40 billion and $60 billion. This is similar to the figures reported earlier, though industry insiders quoted by Reuters said the company may have difficulty reaching the $60 billion target.

Meituan will start its PDIE (Pre-Deal Investor Education) by August 27, begin its global roadshow on September 3, complete its IPO pricing by September 13, and finally be officially listed in Hong Kong on September 20, according to information obtained by WeChat account “IPO Zao Zhidao” (IPO早知道). Its main IPO sponsors are three Wall Street Banks—Goldman Sachs, Morgan Stanley, and Bank of America Merrill Lynch, with China Renaissance Capital acting as an exclusive financial adviser.

Meituan Dianping told TechNode it has no comments on the report.

The company filed for an initial public offering (IPO) in Hong Kong on June 25. Although the figure was not disclosed in the filing, Reuters reported that Meituan was seeking over $4 billion in the IPO.

Statistics provided by Meituan Dianping for its Hong Kong IPO filing. (Image source: Meituan Dianping)

During the past 15 years, the Tencent-backed company has evolved from a platform connecting caterers with customers into a super app that covers almost all aspects of life—restaurant reviews and bookings, movie tickets, accommodation, food delivery, travel services, and supermarkets.

Meituan has been taking strides in mobility too. It launched its own ride-hailing service in 2017 which is now present in Shanghai and Nanjing and bought bike rental company Mobike for $2.7 billion in early April this year. In July, the company ventured into autonomous food delivery with the launch of its MAD platform.

According to its IPO filing, Meituan it is primarily competing with Alibaba Group and its portfolio companies for food delivery and in-store services, and with Ctrip.com, a Chinese traveling service provider.

How Meituan Dianping became China’s super-platform for services