Chinese food delivery giant Meituan raises $10bn as it chases Alibaba
Meituan has lost about $123bn of its value since February amid China's crackdown on tech giants Alibaba and Ant
19 April 2021 - 18:44
Chinese delivery giant Meituan is seeking about $10bn from the sale of new stock and convertible bonds as it doubles down on efforts to fight the likes of Alibaba in newer areas such as online groceries.
The nation’s third-largest internet company is selling about 187 million shares at HK$265 to HK$274 in a top-up placement, as well as raising $400m from shareholder Tencent, according to terms of the deal obtained by Bloomberg News. It’s the largest-ever sale of new shares by a Hong Kong-listed company, data compiled by Bloomberg show. Meituan is also selling about $3bn in zero-coupon convertible bonds...
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