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Collin Furtado · · 1 min readReport: Meituan to raise $10b via sale of shares, convertible bonds
“Meituan, China’s largest food delivery platform, is raising about US$10 billion in a flash sale on Monday of shares and convertible bonds,” reported South China Morning Post.
Details:
- The top-up placement of 187 million shares could help Meituan raise between US$6.4 billion to US$6.6 billion.
- The company is also offering up to US$3 billion worth of zero-coupon convertible bonds in two tranches. One is due in 2027 while the other will be due in 2028.
Context:
- The money raised will support Meituan’s research and development of autonomous-delivery vehicles, drone delivery, and other technology. It will also be used for general corporate purposes.
- Chinese tech titan Tencent has undertaken to subscribe Meituan shares worth up to US$400 million.
Editing by Eileen C. Ang
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