Chinese online services platform Meituan-Dianping will launch its much-anticipated initial public offering in Hong Kong on September 20, sources told Caixin.
The company is expected to raise at least $4 billion at a valuation of around $50 billion, putting it in similar territory to smartphone maker Xiaomi, which raised $4.7 billion in a Hong Kong IPO earlier this year. Meituan has already completed the pre-listing enquiries by the Hong Kong exchange, according to Caixin.
The cash injection will come at an important time for Meituan, as the company gears up for battle with China’s other leading tech giants on a number of fronts. The company is competing with Didi Chuxing in the ride-hailing sector and Alibaba in on-demand food delivery, as well as operating in other competitive industries like bike-sharing and hotel and travel bookings.