Meituan Dianping debuts on Hong Kong Stock Exchange

By Guo Yiming
0 Comment(s)Print E-mail, September 20, 2018
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China's massive O2O service platform Meituan Dianping debuted on the Hong Kong Stock Exchange Thursday with a market value of around US$51 billion.

Meituan Dianping debuts in Hong Kong Stock Exchange on Sept. 20, 2018. [Photo courtesy of Meituan Dianping]
Meituan Dianping debuts in Hong Kong Stock Exchange on Sept. 20, 2018. [Photo courtesy of Meituan Dianping]

Following Xiaomi's listing on July 9 this year, Meituan Dianping is the second company to adopt weighted voting rights with dual-class shares. The company floated approximately 480 million shares globally priced at 69 HK dollars each and its stock opened at 72.9 HK dollar per share on the first day of the listing.

Once known as the Chinese equivalents of Groupon and Yelp, Meituan and Dianping merged in 2015 to become a company that sells movie tickets, delivers food, provides hotel and hospitality services and much more. Its latest frontiers are mobility and big data-powered new retail."

During the listing ceremony, Wang Xing, CEO and co-founder of the company, thanked the 340 million users, Meituan Dianping's employees, the investors as well as former Apple head Steve Jobs, saying that "there will be no breakthroughs of the mobile internet and hence the achievement of Meituan Dianping" without the legendary figure's development of the smart phone.

From a startup company to China's largest service-focused e-commerce platform, Meituan Dianping aims to provide a more convenient life for its over 300 million users and has created a new business model for the global service industry, said Shen Nanpeng, founding and managing partner of Sequoia Capital China, which gave A-round investments to both Meituan and Dianping in 2010 and 2006.

The venture capital firm has provided consistent support to the company's growth in financing, prudent judgement on key issues, and the consolidation of human resources.

Shen congratulates Meituan Dianping's achievement and called on the company to move forward from a new starting point.

Meituan Dianping's market value exceeds Chinese tech juggernauts Xiaomi and, also listed in the Hong Kong Exchange.

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