Screen shot of the homepage of
Screen shot of the homepage of

Chinese lifestyle platform Meituan-Dianping has passed its listing hearing and will set out an IPO roadshow in early September, according to a person familiar with the matter, The Paper reported.

The source also said that the investment bank responsible for the listing has already sent invitations to investors. It is reported that the company aims to raise no more than US$4 billion in Hong Kong.

According to a mediator close to the company, prior to the hearing, most institutional investors were eyeing the expansive performance growth of Meituan-Dianping, as well as its Internet business model and future development. The valuation of the company ranges from US$50 to 55 billion.

The company submitted the IPO application on June 25.

According to the prospectus, the revenue it gained in 2015, 2016 and 2017, reaching 4.01 billion yuan, 12.99 billion yuan, and 33.93 billion yuan, respectively, rising 223.2% and 161.2% year on year.

Despite the rapid development, the company is still in a state of huge losses, dropping 10.5 billion yuan, 5.8 billion yuan, and 19 billion yuan respectively over the past three years.