Hong Kong — Meituan Dianping raised about $4.2bn after the Chinese food review and delivery giant priced its Hong Kong initial public offering (IPO) near the top of a marketed range, according to people with knowledge of the matter. China’s second largest tech startup priced its sale of 480.27-million new class B shares at HK$69 apiece, the people said, asking not to be identified because the information is private. That price tag, compared with an offer range of HK$60 to HK$72, values Meituan at roughly $48bn, according to Bloomberg’s calculations. Meituan is among the largest of a new generation of internet giants that’re challenging the longstanding dominance of Tencent and Alibaba. Its IPO is said to have attracted personal investments from Li Ka-shing, Hong Kong’s richest man, as well as Thomas Lau, chair of department store operator Lifestyle International. The company, which is backed by Tencent, plans to begin trading on September 20. Goldman Sachs, Morgan Stanley and Bank o...
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