Chinese technology firm Meituan-Dianping is looking to achieve a $60 billion valuation in its upcoming initial public offering in Hong Kong, according to the Financial Times. If the company achieves this, it would one of the largest listings for a Chinese tech company for some time.
The food delivery and listings company filed a draft prospectus for its IPO on Monday but has not disclosed how much capital it will look to raise or when the IPO will be launched.
The $60 billion figure is double the company’s valuation in its last funding round in October, two sources told the FT. If Meituan-Dianping achieves this valuation, it would ascend to the level of smartphone maker Xiaomi, which is aiming to achieve a valuation between $54 billion and $70 billion in its own IPO.
However, Meituan-Dianping is far from profitable at the moment. Its losses tripled last year to RMB 19 billion ($2.9 billion), although its transaction volume increased 51% to RMB 357 billion.