Jun 25, 2018

China's Meituan-Dianping files for Hong Kong IPO

Meituan food delivery driver. Photo: Zhang Peng/LightRocket via Getty Images

Meituan-Dianping, a Beijing-based company that offers on-demand services like food delivery and hotel booking, has filed to go public on Hong Kong's stock exchange later this year.

The details: Meituan-Dianping is reportedly seeking to raise between $4 billion and $6 billion through its IPO, at an ambition valuation of $60 billion. In 2017, the company had a net loss of $2.9 billion (19 billion yuan), much more than in previous years, though it also had $ 5.2 billion (33.9 billion yuan) in revenue, more than twice its revenue in 2016.

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Coronavirus dashboard

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  1. Global: Total confirmed cases as of 6 p.m. ET: 5,653,821 — Total deaths: 353,414 — Total recoveries — 2,325,989Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 1,694,599 — Total deaths: 100,047 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
  3. Public health: Fauci says data is "really quite evident" against hydroxychloroquine — Nearly half of Americans say someone in their household has delayed medical care.
  4. Business: African American business owners have seen less relief from PPP, Goldman Sachs saysDisney plans phased reopening on July 11Author Ann Patchett says bookstores are innovating to stay connected with customers.
  5. Tech: AI will help in the pandemic — but it might not be in time for this one.
  6. 1 🎶 thing: Local music venues get rocked by coronavirus.
  7. 🎧 Podcast: Trump vs. Twitter ... vs. Trump.
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Updated 1 hour ago - Politics & Policy

Top Senate Democrat says State Dept. is working on new Saudi arms deal

Secretary of State Mike Pompeo briefs reporters on May 20. Photo: Nicholas Kamm/pool/AFP via Getty Images

Senate Foreign Relations ranking member Bob Menendez (D-N.J.) wrote in a CNN op-ed on Wednesday that he learned that the State Department is currently working to sell thousands of additional precision-guided bombs to Saudi Arabia.

Why it matters: Democrats say that Steve Linick, the State Department inspector general who was ousted on Secretary of State Mike Pompeo's recommendation, was investigating the administration's previous effort to sell weapons to Saudi Arabia without congressional approval.

U.S. coronavirus death toll crosses 100,000

Data: Johns Hopkins University; Chart: Danielle Alberti/Axios

More than 100,000 Americans have died of the coronavirus, according to data from Johns Hopkins — a terrible milestone that puts the death toll far beyond some of the most tragic events in U.S. history.

By the numbers: The death toll from COVID-19 now stands at more than 34 times the number of people who died on 9/11.