Shares of Meituan Dianping, China’s leading food delivery and services platform, have started trading in the Hong Kong Stock Exchange on September 20. The opening price rose as high as HK$ 72.9 ($9.3) per share, up 5.7% of the initial selling price of HK $69 near the top target range of HK$50-60. This has boosted Meituan’s market value to HK$ 400 billion, even higher than that of e-commerce giant JD.com.

Meituan has brought optimism among investors after somewhat disappointing performances of other Chinese tech stock. Tencent had re-purchased its shares for 9 days in a row until September 19 and spent over HK$ 300 million to stabilize prices.

The current Meituan Dianping, also known as Meituan, is the result of the $15 billion merger of Meituan and its rival Dianping in 2015. The two companies were considered China’s Groupon and Yelp respectively. After the completion of the deal, the new O2O platform became started including a variety of services including food delivery, ride-hailing, travel, cinema ticket booking, and other services.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com