China Startup Meituan Dianping Seeks $55 Billion Valuation in Hong Kong IPO

By Anonymous

Tencent-backed company, which offers services similar to those of Yelp, Grubhub and Groupon, hasn’t yet delivered an annual profit

Meituan Dianping, one of China’s most popular internet startups, is marketing a public stock sale that could value the company at close to $55 billion, sharply higher than less than a year ago.

The Beijing-based online-services company, which counts Chinese technology titan Tencent Holdings Ltd. as one of its main backers, is set to launch its initial public offering in Hong Kong this week at a time of turbulence for Chinese tech stocks and broader Asian markets.