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The next monster Chinese internet IPO

Food delivery in China.
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.