Chinese online startup Meituan Duanping is hoping to gain a massive $55 billion valuation from its Hong Kong IPO planned for this week despite a shaky market for China’s tech stocks, the Wall Street Journal reports.
The Tencent-backed service provider, which offers its app users everything from food delivery to hotel room vouchers, plans to raise $4.5 billion in the listing, sources told the Journal, offering shares in the range of HK$60 to HK$72 (US$7.64 to US$9.17).
The IPO is being seen as a gauge of global investors’ interest in China’s maturing tech industry. Many high-profile companies have lined up listings but so far there has been little evidence of strong market sentiment. Smartphone maker Xiaomi disappointed in July after shelving a joint IPO with the mainland and shares have since fell below the opening price.
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