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Miguel Cordon · · 1 min readTencent-backed Meituan to raise $10b to enter groceries, ride-hailing
“Meituan, one of China’s largest internet companies, plans to raise about US$10 billion in an equity and debt deal delayed by a misfire that sent its shares tumbling last week,” The Financial Times reported.
Details:
- The Tencent-backed company is looking to get roughly US$7 billion in equity and US$3 billion through convertible bonds sales.
- It will use the capital to develop technologies like autonomous delivery vehicles and drones as it aims to expand into areas such as groceries and ride-hailing.
Context:
- The deal promises to be one of China’s largest capital raises this year, followed by Alibaba bagging US$5 billion in a bond sale.
- Meituan’s raise also comes amid China’s ongoing clampdown on local internet titans and their “monopolistic behaviors.”
Editing by Eileen C. Ang
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