Movie tickets. Cafeteria delivery. Haircuts. Babysitting. Yoga classes. Coupons. Home repairs. It’s absolutely accessible for Chinese consumers to ample out a day’s account of errands, entertainment, and bistro application a distinct company’s apps.
Thanks to them, Meituan Dianping—an e-commerce aggregation that specializes in affairs an astronomic array of services—could be branch for one of the year’s blockbuster IPOs. The aggregation filed for an IPO (pdf) Monday (June 25) with the Hong Kong Stock Exchange.
While Meituan didn’t say in its filing how abundant it affairs to raise, Bloomberg letters the aggregation is targeting a $6 billion alms at a $60 billion bazaar cap. That would mark a acceleration of its appraisal back October 2017, and put it in the ballpark of the accessible IPO of Xiaomi, the Chinese smartphone maker, additionally in Hong Kong. Abundant like Xiaomi, whose business archetypal looks like a mash-up of a brace altered companies, Meituan has acquired into a Chinese tech behemothic with no aing Silicon Valley equivalent.
Meituan is the artefact of two added Chinese startups—Groupon-like Meituan, founded in 2010, and Dianping, which was founded in 2003 as a Yelp-esque armpit for restaurant listings and reviews.
As a venture-capital bang hit China, both companies angled out into what came to be knownas the “online-to-offline” space—a appellation about acclimated to accredit to online purchases of adventures like commons and massages. A cash-burning war amid the two companies ensued, with e-commerce behemothic Alibaba abetment Meituan and amusing media behemoth Tencent abetment Dianping. In 2015, Dianping and Meituan alloyed to actualize a $15 billion company. Meituan’s announcement appearance that Tencent retains a almost 20% pale in the company, while Alibaba, which owns Meituan’s better adversary in aliment delivery, holds aloof about 1.5% (.pdf pages 194 and
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