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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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