Just 2 days ago, the company announced that it has raised a record $9.98 billion in financing to expand its services into new markets, with one of its key backers being Tencent (China's largest company).
According to a Bloomberg report, the new financing was in the form of:
Founded in 2010 as a group buying website (similar to Groupon), Meituan has quickly evolved into China's lifestyle super-app — offering services ranging from shopping/deals, travel, food delivery, and even ride hailing.
The company went public in 2018 on the Hong Kong Stock Exchange (HKEX), and is currently valued at over $123 billion as of Feb 2021.
Today, Meituan has over 511 million buyers on its platform(s), generating over $480 million in profit for the year.
Meituan aims to automate and expand
The new $10 billion in financing has become one of the largest capital raises this year from China, and will fuel Meituan's plans to compete with e-commerce giant Alibaba.