Meituan-Dianping, the Chinese food review and delivery giant backed by Tencent, has listed on the Hong Kong Stock Exchange, The Paper reported.
Xu Xin, founder of Capital Today, known as the “Queen of VC,” has invested in the company since 2015. Xu believes Meituan has grown into a super platform that has more than 100 million users and each one uses the service up to 8 to 10 times a year.
However, Meituan faces competition from a new local life service provider supported by Alibaba.
On August 23, Alibaba announced the establishment of a new counterpart to Meituan, which has received more than US$3 billion investment in commitments from Alibaba and Softbank.
In this regard, Xu thinks that the food-delivery sector will become a trillion market in the future, and normally there are two players in a market that large. It’s believed that no one company can handle the market all alone.