Meituan, one of China’s largest internet companies, plans to raise about $10 billion in an equity and debt deal delayed by a misfire that sent its shares tumbling last week, reported the Financial Times.
The food delivery giant, which is backed by technology group Tencent, will raise about $7 billion in equity and sell $3 billion in convertible bonds.
The company will use the funds to develop autonomous delivery vehicles as it expands into areas such as groceries and ride-hailing, reflecting rapid consumer spending growth in China following a strong recovery from the coronavirus pandemic. It is one of the largest capital raisings by a Chinese technology business this year.