Meituan, the Tencent-backed ‘one-stop super app,’ files for IPO in Hong Kong

After months of speculation, Meituan, the largest service booking app in China, confirmed that it has filed for a public offering. The company’s IPO application was submitted to the Hong Kong stock exchange earlier today and is being sponsored by Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch. A spokesperson for Meituan said the company is currently not disclosing information about fundraising amount or valuation. Reuters reports that Meituan wants to raise more than $4 billion.

MORE: https://techcrunch.com/2018/06/24/meituan-the-tencent-backed-one-stop-super-app-files-for-ipo-in-hong-kong/

Facts: Meituan APP is a widely used apps similar to yelp.com which readers can read reviews on consumer facing businesses. 

2. Meituan also offers movetickets.com style booking , ctrip.com style flight booking, food delivery style similar to ele.me,  hotels.com style hotel booking, and yelp.com style reviews. 

3. Meituan acquired mobike rent-a-bike  for 2.7 billion USD in 2018. 

4. Meituan announced a loss of $19 billion RMB (2.9 billion usd) for the year 2017 

5. Meituan has over 500,000 daily food delivery employees operating every day in China as of 2018, each food delivery has a 3-5 RMB surcharge on top of the food bill. 

Analysis:  Meituan is looking to raise 6 billion at a $60 billion USD valuation.  That's Rich. $10-20 billion USD is much more within range. 

Conclusion: Sell 

Facts: Meituan APP is a widely used apps similar to yelp.com which readers can read reviews on consumer facing businesses. 

2. Meituan also offers movetickets.com style booking , ctrip.com style flight booking, food delivery style similar to ele.me,  hotels.com style hotel booking, and yelp.com style reviews. 

3. Meituan acquired mobike rent-a-bike  for 2.7 billion USD in 2018. 

4. Meituan announced a loss of $19 billion RMB (2.9 billion usd) for the year 2017 

5. Meituan has over 500,000 daily food delivery employees operating every day in China as of 2018, each food delivery has a 3-5 RMB surcharge on top of the food bill. 

Analysis:  Meituan is looking to raise 6 billion at a $60 billion USD valuation.  That's Rich. $10-20 billion USD is much more within range. 

Conclusion: Sell