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Food delivery in China. Photo: Zhang Peng/LightRocket via Getty Images

Meituan-Dianping, which bills itself as China’s largest provider of on-demand online services like group buying, food ordering and ride hailing, has selected the investment banks to take it public in Hong Kong later this year, per DealStreetAsia.

Why it matters: Bloomberg believes the expected valuation could be as high as $60 billion. China may have the most competitive and well-funded internet market in the world, in spite of the increasing Communist Party controls.

Founder and CEO Wang Xing recently spoke with The Information. Among the highlights in the article:

  • 320 million users have made at least 1 purchase through Meituan in the past year and the company delivers around 20 million meals daily.
  • 2017 revenue was $5.4 billion and the company had $7 billion in the bank in November.
  • The company is aggressively expanding its ride-hailing service to take on Didi Chuxing.
  • This is Wang’s third internet startup. He had a minor success selling Facebook-clone Xiaonei in 2006 while his next venture Fanfou, a Twitter clone, was shut by the government in 2009. Forbes called him “The Cloner” in a 2011 article but he is way beyond that now.
  • Blue chip investors include Tencent, Priceline and Tiger Global.

Go deeper

In photos: Protesters rally for George Floyd ahead of Derek Chauvin's trial

Demonstrators on March 7 outside the Hennepin County Government Center, where the trial of former Minneapolis police officer Derek Chauvin, charged with murdering George Floyd, will begin in Minneapolis, Minnesota. Photo: Chandan Khanna/AFP via Getty Images

Thousands of protesters marched through Minneapolis Sunday, urging justice for George Floyd on the eve of the start of former police officer Derek Chauvin's trial over the 46-year-old's death.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start Monday, with jury selection procedures.

Caitlin Owens, author of Vitals
4 hours ago - Health

Pfizer CEO feels "liberated" after taking COVID vaccine

Pfizer CEO Albert Bourla. Photo: "Axios on HBO"

Pfizer CEO Albert Bourla tells "Axios on HBO" that he recently received his first of two doses of the company's coronavirus vaccine.

Why it matters: Bourla told CNBC in December that company polling found that one of the most effective ways to increase confidence in the vaccine was to have the CEO take it.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

Ripple CEO: SEC lawsuit is "bad for crypto" in the U.S.

Ripple CEO Brad Garlinghouse tells "Axios on HBO" that if his company loses a lawsuit brought by U.S. regulators, it would put the country at a competitive disadvantage when it comes to cryptocurrencies.

Between the lines: The SEC in December sued Ripple, and Garlinghouse personally, for allegedly selling over $1.3 billion in unregistered securities. Ripple's response is that its cryptocurrency, called XRP, didn't require registration because it's an asset rather than a security.