Meituan just makes it

Business | Avery Chen 13 Sep 2018

Meituan Dianping (3690), the second company to list with weighted-voting rights in Hong Kong, closed its public offering yesterday.

About 17,000 retail investors subscribed, oversubscribing by 0.5 times, according to local media. Many people in the market expect the stock will be priced at the mid-range.

Meanwhile, Meituan Dianping's biggest rival Ele.me, an Alibaba-backed online food delivery platform, is seeking US$4 billion (HK$31.4 billion) from its IPO.

After committing to invest US$3 billion to Ele.me on its first round of financing in August, Alibaba has increased its investment by at least US$1 billion.

According to mainland media, the total financing amount may exceed Meituan Dianping's.

Shares in China Chunlai Education Group (1969) closed at HK$1.97 in the gray-market yesterday, 5.3 percent lower than its offering price, before its first day of trading on the main board.

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