Meituan Dianping, China’s online food delivery and O2O giant, made a robust debut on the Hong Kong Stock Exchange on Thursday (September 20). The company’s shares closed at HK$ 72.65, 5.29% above the initial offering price, according to Xinhua Net.

After Hong Kong’s second-biggest tech listing of the year, Meituan’s market value surged to HK$398.94 billion ($50.9 billion), making it worth more than the Nasdaq-listed Chinese e-commerce giant JD.com and the Hong Kong-listed smartphone maker Xiaomi. This means Meituan is now the fourth largest internet company in China by market value, behind only the BAT (Baidu, Alibaba, and Tencent).

The IPO also bumped the net worth of Meituan’s 39-year-old founder, Wang Xing, to $5.3 billion. “We often say: we need ‘long-term patience’. The more faith you have for the future, the more patience you have for the present,” Wang said in an internal letter to employees (in Chinese) after the debut.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.