Tencent-backed food delivery startup seeks Hong Kong IPO

Meituan Dianping is reportedly mulling a valuation of at least $60b.

Bloomberg reports that Tencent-backed food review and delivery company Meituan Dianping has reportedly began discussions for a Hong Kong public listing within the year.

The company is reportedly weighing a valuation of at least $60b which could rival on-demand transport giant Uber Technologies.

Founded in 2010, Meituan is now the world’s fourth most valuable startup as it has expanded to various service and product offerings from group-buying, ride hailing, travel packages and payments to its massive Chinese userbase.

“As a platform business, it’s justified that the company is seeking this kind of valuation, and investors are still willing to give high-traffic platforms a premium,” said RHB Research Institute Sdn in Hong Kong analyst Li Yujie.

Here’s more from Bloomberg:

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