HONG KONG: Xiaomi and Meituan Dianping will be among the companies with unequal voting structures added to some of the world’s largest equity benchmarks...
Maoyan was valued at about US$3 billion at the time of Tencent's investment.
Maoyan Entertainment secured two cornerstone investors for its IPO - IMAX Hong Kong and Welight Capital.
Meituan increased its market share of food delivery orders by 2% in the past 3 months and is seeking to move up the value chain of food, including helping restaurants source ingredients.
Meituan’s IPO is the second largest tech debut Hong Kong’s ever seen, but it attracted less excitement from individual investors than other large listings from the industry.
Li, who is Hong Kong’s richest man, is planning to buy stock in the offering in his personal capacity.
Didi, the world’s second most valuable startup, has failed to generate a profit in the six years since its founding.
Beijing-based Meituan, which offers services ranging from movie ticketing, food delivery to hotel and travel booking as well as ride-hailing, was valued at around $30 billion in a fundraising round late last year.
Didi has been under pressure since a passenger was raped and murdered by her driver last month.
The company, backed by Tencent Holdings Ltd, is spending heavily to fend off a slew of rivals aligned with Tencent rival Alibaba.
Meituan’s IPO will bankroll its costly expansion into businesses from ride-hailing to finance as it pursues an ambition to become a super-app in the vein of Tencent’s own WeChat.
Meituan, already one of China's most valuable internet firms, could raise as much as US$4 billion before the exercise of a "greenshoe" or over-allotment option.
Taiwan is China's most sensitive territorial issue and Beijing, which considers it a wayward province, has become increasingly critical of how businesses refer to the self-ruled, democratic island.
Companies including Xiaomi Corp. and China Tower Corp. have completed US$19.2 billion of first-time share sales initial public offerings since the beginning of June.
Starbucks signalled in June it was pursuing such a tie-up after reporting a sudden slowdown in China sales growth, which it partly blamed on a government crackdown on third-party delivery firms.
Of the 27 billionaires to surface in Asia this year, about a third did so through initial public offerings in Hong Kong and Shenzhen, according to the Bloomberg Billionaires Index.
The firm, backed by gaming and social media firm Tencent Holdings Ltd, did not detail the amount of funds targeted or a time frame. Meituan-Dianping is likely to list in October.