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Meituan-Dianping files for Hong Kong IPO; aims to raise over $4 billion: sources
June 25, 2018 6:16 am|Comments (0)

HONG KONG/SHANGHAI (Reuters) – China’s Meituan-Dianping, an online food delivery-to-ticketing services platform, is bringing its sizable initial public offering (IPO) to Hong Kong, where it aims to raise over $ 4 billion, three people with knowledge of the deal said.

Drivers of food delivery service Meituan are seen in Beijing, China April 11, 2018. Picture taken April 11, 2018. REUTERS/Stringer

The firm filed plans late on Friday for the city’s second multibillion-dollar tech float this year after smartphone maker Xiaomi Corp’s blockbuster IPO of up to $ 6.1 billion. Meituan-Dianping is also – after Xiaomi – the latest company with a dual-class share structure to file for a Hong Kong listing, under the city’s new rules designed to attract tech companies.

The Beijing-based firm, backed by gaming and social media company Tencent Holdings Ltd (0700.HK), was valued at around $ 30 billion in a fundraising round last year.

It is aiming for a $ 60 billion valuation with the IPO, though industry insiders said it may have difficulty reaching that target as it is still money-losing and relies on a cash-burning business model to boost growth.

The firm is likely to list in October, said the people, who declined to be identified as the information was not public.

Meituan-Dianping did not detail the amount of funds targeted or a time frame. It declined to comment on its planned IPO when contacted by Reuters.

Founded in 2010 by serial entrepreneur Wang Xing, Meituan, likened to U.S. discounting platform Groupon Inc (GRPN.O), in 2015 completed a $ 15 billion merger with Dianping, akin to U.S. online review firm Yelp Inc (YELP.N). It offers a broad range of services including movie ticketing, food delivery, hotel and travel booking as well as ride-hailing.

Competitors include food-delivery platform Ele.me, backed by e-commerce firm Alibaba Group Holding Ltd (BABA.N), and leading ride-hailing firm Didi Chuxing, backed by Japan’s SoftBank Group Corp (9984.T).

In its draft prospectus, which gave investors the first detailed look at its financial health ahead of the IPO, the company disclosed a 19 billion yuan ($ 2.9 billion) loss for 2017, steeper than in the previous two years.

Its adjusted net loss – which excludes the impact of fair value changes of convertible redeemable preferred shares and other items – was 2.85 billion yuan, smaller than losses of 5.35 billion yuan in 2016 and 5.91 billion yuan in 2015, the prospectus showed.

Revenue rose to 33.9 billion yuan in fiscal 2017, sharply higher than the 12.99 billion yuan made in the prior year.

Meituan-Dianping’s other backers include venture capital firms Sequoia Capital and DST Global, Singapore sovereign wealth fund GIC Pte Ltd and state-owned investment company Temasek Holdings (Private) Ltd, as well as the Canada Pension Plan Investment Board.

Currently, Chief Executive Wang Xing owns 11.4 percent of the company, while Tencent owns 20.1 percent and Sequoia Capital 11.4 percent. Wang will remain controlling shareholder after the listing, the prospectus showed.

Being holders of Class A shares, Wang and two other co-founders, Mu Rongjun and Wang Huiwen, will be beneficiaries of a weighted voting rights structure, or dual-class shares, which give greater power to founding shareholders even with minority shareholding. Each Class A share has 10 votes while each Class B share has one vote.

The firm has mandated Bank of America Merrill Lynch, Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) to jointly sponsor its IPO. China Renaissance is the financial adviser.

Reporting by Adam Jourdan in Shanghai, Julie Zhu and Fiona Lau of IFR in Hong Kong, Aaron Saldanha in Bangalore, and Matthew Miller in BeijingEditing by Christopher Cushing and Edwina Gibbs

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AT&T Will Raise Annual Dividend By 4 Cents
November 9, 2017 12:00 am|Comments (0)

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NY regulation aims to raise bank security standards
December 12, 2016 11:00 pm|Comments (0)

Next week, New York State will begin a 45-day public comment period on its new financial industry cybersecurity regulation — and, so far, security experts have a favorable view of the proposal.

Under the new regulations, banks and insurance companies doing business in New York State will need to establish a cybersecurity program, appoint a Chief Information Security Officer and monitor the cybersecurity policies of their business partners.

According to New York Gov. Andrew Cuomo, this is the first such regulation in the country. “This regulation helps guarantee the financial services industry upholds its obligation to protect consumers and ensure that its systems are sufficiently constructed to prevent cyber-attacks to the fullest extent possible,” he said in a statement.

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EU prepares to raise Privacy Shield over data transfers to U.S.
July 8, 2016 6:43 pm|Comments (0)

European Union officials are set to give final approval to a new EU-U.S. data transfer agreement early next week, after member states gave their approval to an updated text on Friday.

Privacy Shield is intended to replace the Safe Harbor Agreement as a means to legalize the transfer of EU citizens’ personal information to the U.S. while still respecting EU privacy laws.

A new deal is needed because the Court of Justice of the EU invalidated the Safe Harbor Agreement last October, concerned that it provided Europeans with insufficient protection from state surveillance when companies exported their personal data to the U.S. for processing.

The first draft of Privacy Shield agreement presented by the European Commission in January lacked key assurances from U.S. officials on the same matters that had concerned the CJEU about Safe Harbor.

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Foxconn Unit Plans IPO That Could Raise $1 Billion
July 5, 2016 11:20 am|Comments (0)

Demand for those products could grow in the coming years as cloud computing services become more widespread and need faster connectors to link …


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